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FIRST-TIME HOMEBUYER TAX CREDIT
                 As Modified in the American Recovery and Reinvestment Act
                                Major Modifications Italicized
                                       February 2009

  FEATURE              CREDIT AS CREATED JULY 2008                  REVISED CREDIT –
                         APPLIES TO ALL QUALIFIED          EFFECTIVE FOR PURCHASES ON
                    PURCHASES ON OR AFTER APRIL 9,        OR AFTER JANUARY 1, 2009 AND
                                      2008                   BEFORE DECEMBER 1, 2009
 Amount of       Lesser of 10 percent of cost of home or       Maximum credit amount
   Credit                            $7500                         increased to $8000
   Eligible        Any single family residence (including              No change
  Property         condos, co-ops, townhouses) that will   All principal residences eligible.
                      be used as a principal residence.
 Refundable           Yes. Reduces (or can eliminate)                  No change
                     income tax liability for the year of     Purchasers will continue to
                   purchase. Any unused amount of tax receive refund for unused amount
                        credit refunded to purchaser.           when tax return is filed.
Income Limit     Yes. Full amount of credit available for              No change
                  individuals with adjusted gross income
                 of no more than $75,000 ($150,000 on      Same income limits continue to
                     a joint return). Phases out above                    apply.
                    those caps ($95,000 and $170,000).
  First-time          Yes. Purchaser (and purchaser’s                  No change
 Homebuyer             spouse) may not have owned a           Still available for first-time
     Only         principal residence in 3 years previous purchasers only. Three-year rule
                                 to purchase.                      continues to apply.
Revenue Bond        No credit allowed if home financed     Purchasers who utilize revenue
  Financing            with state/local bond funding.       bond financing can use credit.
 Repayment         Yes. Portion (6.67% of credit or $500) No repayment for purchases on
                    to be repaid each year for 15 years,     or after January 1, 2009 and
                         starting with 2010 tax filing.        before December 1, 2009
 Recapture       If home sold before 15-year repayment If home is sold within three years
                  period ends, then outstanding balance     of purchase, entire amount of
                   of repayment amount recaptured on         credit is recaptured on sale.
                                      sale.               Applies only to homes purchased
                                                                         in 2009.
Termination                       July 1, 2009                      December 1, 2009
                   (But note program changes for 2009)
                 Purchases on or after April 9, 2008 and   All revisions are effective as of
Effective Date   before January 1, 2009. Repayment to                January 1, 2009
                           begin for 2010 tax year.

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Government Affairs Tax Credit Chart 022309

  • 1. FIRST-TIME HOMEBUYER TAX CREDIT As Modified in the American Recovery and Reinvestment Act Major Modifications Italicized February 2009 FEATURE CREDIT AS CREATED JULY 2008 REVISED CREDIT – APPLIES TO ALL QUALIFIED EFFECTIVE FOR PURCHASES ON PURCHASES ON OR AFTER APRIL 9, OR AFTER JANUARY 1, 2009 AND 2008 BEFORE DECEMBER 1, 2009 Amount of Lesser of 10 percent of cost of home or Maximum credit amount Credit $7500 increased to $8000 Eligible Any single family residence (including No change Property condos, co-ops, townhouses) that will All principal residences eligible. be used as a principal residence. Refundable Yes. Reduces (or can eliminate) No change income tax liability for the year of Purchasers will continue to purchase. Any unused amount of tax receive refund for unused amount credit refunded to purchaser. when tax return is filed. Income Limit Yes. Full amount of credit available for No change individuals with adjusted gross income of no more than $75,000 ($150,000 on Same income limits continue to a joint return). Phases out above apply. those caps ($95,000 and $170,000). First-time Yes. Purchaser (and purchaser’s No change Homebuyer spouse) may not have owned a Still available for first-time Only principal residence in 3 years previous purchasers only. Three-year rule to purchase. continues to apply. Revenue Bond No credit allowed if home financed Purchasers who utilize revenue Financing with state/local bond funding. bond financing can use credit. Repayment Yes. Portion (6.67% of credit or $500) No repayment for purchases on to be repaid each year for 15 years, or after January 1, 2009 and starting with 2010 tax filing. before December 1, 2009 Recapture If home sold before 15-year repayment If home is sold within three years period ends, then outstanding balance of purchase, entire amount of of repayment amount recaptured on credit is recaptured on sale. sale. Applies only to homes purchased in 2009. Termination July 1, 2009 December 1, 2009 (But note program changes for 2009) Purchases on or after April 9, 2008 and All revisions are effective as of Effective Date before January 1, 2009. Repayment to January 1, 2009 begin for 2010 tax year.