SlideShare a Scribd company logo
Tax Credit for First Time Homebuyers
In September of 2008, the Housing and  Economic Recovery Act of 2008 was signed. The Act was created to encourage many  people to make that big purchase of a new home now instead of waiting.  The economy and housing market was in  need of a boost.
The first tax credit was in the amount  of $7500 or 10% of the purchase price  with a repayment period of  15 years, beginning two years after  claiming it on their tax return. This amount  and conditions was  created and signed under the Bush administration.
Under Bushโ€™s tax credit, taxpayers were required to pay back the credit therefore it came to be referred to as a interest free loan/credit.  President Bushโ€™s hope was that with this incentive more taxpayers would use the extra cash to make purchases that they may have otherwise not made.
To qualify, homes had to be purchased between April 9, 2008 & July 30, 2009. First time homebuyers under this law  were not just homebuyers making their first initial home purchase but those who had not previously owned a home in the three years preceding the date of current  purchase.
After taking office, President Obama  revised the Housing Act, raising the  amount to $8000 and no longer making it a repayable credit. It became law on Feb. 17, 2009  and was known as the American Recovery and  Reinvestment Act of 2009.  Under this new law, homes were now required to be purchased between  Jan. 1, 2009 & Dec. 1, 2009
Circumstances that would disqualify a taxpayer from being eligible for tax credit. ,[object Object]
Being a nonresident
Selling the home in first year

More Related Content

What's hot

Extended tax credits bring welcome relief(finsihed)
Extended tax credits bring welcome relief(finsihed)Extended tax credits bring welcome relief(finsihed)
Extended tax credits bring welcome relief(finsihed)
RandyBett
ย 
The Extended Homebuyer Tax Credit
The Extended Homebuyer  Tax CreditThe Extended Homebuyer  Tax Credit
The Extended Homebuyer Tax Credit
Ron Parks
ย 
Estate Planning in 2010
Estate Planning in 2010Estate Planning in 2010
Estate Planning in 2010
oasthook
ย 
2009 New Home Tax Credit F
2009 New Home Tax Credit F2009 New Home Tax Credit F
2009 New Home Tax Credit F
Madonna Hartley
ย 
15 key dates for landlords in 2021
15 key dates for landlords in 202115 key dates for landlords in 2021
15 key dates for landlords in 2021
Hamilton Fraser Total Landlord Insurance
ย 
Property Tax Article 4
Property Tax Article 4Property Tax Article 4
Property Tax Article 4
Leicester Gouwland
ย 

What's hot (6)

Extended tax credits bring welcome relief(finsihed)
Extended tax credits bring welcome relief(finsihed)Extended tax credits bring welcome relief(finsihed)
Extended tax credits bring welcome relief(finsihed)
ย 
The Extended Homebuyer Tax Credit
The Extended Homebuyer  Tax CreditThe Extended Homebuyer  Tax Credit
The Extended Homebuyer Tax Credit
ย 
Estate Planning in 2010
Estate Planning in 2010Estate Planning in 2010
Estate Planning in 2010
ย 
2009 New Home Tax Credit F
2009 New Home Tax Credit F2009 New Home Tax Credit F
2009 New Home Tax Credit F
ย 
15 key dates for landlords in 2021
15 key dates for landlords in 202115 key dates for landlords in 2021
15 key dates for landlords in 2021
ย 
Property Tax Article 4
Property Tax Article 4Property Tax Article 4
Property Tax Article 4
ย 

Similar to Adair Power Point Presentation

2009 First Time Homebuyer Tax Credit
2009 First Time Homebuyer Tax Credit2009 First Time Homebuyer Tax Credit
2009 First Time Homebuyer Tax Credit
wrtoff
ย 
This Month In Real Estate November 2009 Us
This Month In Real Estate   November  2009 UsThis Month In Real Estate   November  2009 Us
This Month In Real Estate November 2009 Us
Keller Williams Careers
ย 
First Time Homebuyer Tax Credit
First Time Homebuyer Tax CreditFirst Time Homebuyer Tax Credit
First Time Homebuyer Tax Credit
Rusty Armstrong
ย 
2009 $8,000 Tax Credit for 1st time buyers
2009 $8,000 Tax Credit for 1st time buyers2009 $8,000 Tax Credit for 1st time buyers
2009 $8,000 Tax Credit for 1st time buyers
wrtoff
ย 
This Month In Real Estate November Us
This Month In Real Estate   November   UsThis Month In Real Estate   November   Us
This Month In Real Estate November Us
Keller Williams Realty Professionals
ย 
$8000 Fthb Tax Credit
$8000 Fthb Tax Credit$8000 Fthb Tax Credit
$8000 Fthb Tax Credit
guest7536ce
ย 
Homebuyer Tax Credit Changes - 11.11.09
Homebuyer Tax Credit Changes - 11.11.09Homebuyer Tax Credit Changes - 11.11.09
Homebuyer Tax Credit Changes - 11.11.09
Steve Butler
ย 
1st PRIORITY Homebuyers Tax Credit 2010
1st PRIORITY Homebuyers Tax Credit 20101st PRIORITY Homebuyers Tax Credit 2010
1st PRIORITY Homebuyers Tax Credit 2010
nankoval
ย 
Fthb Tax Credit09
Fthb Tax Credit09Fthb Tax Credit09
Fthb Tax Credit09
Tita Garcia
ย 
Tax Credit Information
 Tax Credit Information Tax Credit Information
Tax Credit Information
Tameka Bryant
ย 
010810
010810010810
November 2009 Market Data
November 2009 Market DataNovember 2009 Market Data
November 2009 Market Data
Mark Jacobs Realtor
ย 
Tax credit flyer
Tax credit flyerTax credit flyer
Tax credit flyer
Terri Votanek
ย 
Tax Credit Information
Tax Credit InformationTax Credit Information
Tax Credit Information
harvnancy
ย 
Tax Credit explained
Tax Credit explainedTax Credit explained
Tax Credit explained
guest352f07
ย 
TMiRe November15 Us
TMiRe November15 UsTMiRe November15 Us
TMiRe November15 Us
pdrury
ย 
2009 First Time Home Buyers Tax Credit
2009 First Time Home Buyers Tax Credit2009 First Time Home Buyers Tax Credit
2009 First Time Home Buyers Tax Credit
gmcintosh
ย 
$8,000 Tax Credit
$8,000 Tax Credit$8,000 Tax Credit
$8,000 Tax Credit
Valery Smallwood
ย 
First Time Home Buyer Tax Credit Explained
First Time Home Buyer Tax Credit  ExplainedFirst Time Home Buyer Tax Credit  Explained
First Time Home Buyer Tax Credit Explained
ChristineDHudena33
ย 
First Time Homebuyer Credit Extended
First Time Homebuyer Credit ExtendedFirst Time Homebuyer Credit Extended
First Time Homebuyer Credit Extended
Weichert Real Estate Agent
ย 

Similar to Adair Power Point Presentation (20)

2009 First Time Homebuyer Tax Credit
2009 First Time Homebuyer Tax Credit2009 First Time Homebuyer Tax Credit
2009 First Time Homebuyer Tax Credit
ย 
This Month In Real Estate November 2009 Us
This Month In Real Estate   November  2009 UsThis Month In Real Estate   November  2009 Us
This Month In Real Estate November 2009 Us
ย 
First Time Homebuyer Tax Credit
First Time Homebuyer Tax CreditFirst Time Homebuyer Tax Credit
First Time Homebuyer Tax Credit
ย 
2009 $8,000 Tax Credit for 1st time buyers
2009 $8,000 Tax Credit for 1st time buyers2009 $8,000 Tax Credit for 1st time buyers
2009 $8,000 Tax Credit for 1st time buyers
ย 
This Month In Real Estate November Us
This Month In Real Estate   November   UsThis Month In Real Estate   November   Us
This Month In Real Estate November Us
ย 
$8000 Fthb Tax Credit
$8000 Fthb Tax Credit$8000 Fthb Tax Credit
$8000 Fthb Tax Credit
ย 
Homebuyer Tax Credit Changes - 11.11.09
Homebuyer Tax Credit Changes - 11.11.09Homebuyer Tax Credit Changes - 11.11.09
Homebuyer Tax Credit Changes - 11.11.09
ย 
1st PRIORITY Homebuyers Tax Credit 2010
1st PRIORITY Homebuyers Tax Credit 20101st PRIORITY Homebuyers Tax Credit 2010
1st PRIORITY Homebuyers Tax Credit 2010
ย 
Fthb Tax Credit09
Fthb Tax Credit09Fthb Tax Credit09
Fthb Tax Credit09
ย 
Tax Credit Information
 Tax Credit Information Tax Credit Information
Tax Credit Information
ย 
010810
010810010810
010810
ย 
November 2009 Market Data
November 2009 Market DataNovember 2009 Market Data
November 2009 Market Data
ย 
Tax credit flyer
Tax credit flyerTax credit flyer
Tax credit flyer
ย 
Tax Credit Information
Tax Credit InformationTax Credit Information
Tax Credit Information
ย 
Tax Credit explained
Tax Credit explainedTax Credit explained
Tax Credit explained
ย 
TMiRe November15 Us
TMiRe November15 UsTMiRe November15 Us
TMiRe November15 Us
ย 
2009 First Time Home Buyers Tax Credit
2009 First Time Home Buyers Tax Credit2009 First Time Home Buyers Tax Credit
2009 First Time Home Buyers Tax Credit
ย 
$8,000 Tax Credit
$8,000 Tax Credit$8,000 Tax Credit
$8,000 Tax Credit
ย 
First Time Home Buyer Tax Credit Explained
First Time Home Buyer Tax Credit  ExplainedFirst Time Home Buyer Tax Credit  Explained
First Time Home Buyer Tax Credit Explained
ย 
First Time Homebuyer Credit Extended
First Time Homebuyer Credit ExtendedFirst Time Homebuyer Credit Extended
First Time Homebuyer Credit Extended
ย 

Recently uploaded

The latest Heat Pump Manual from Newentide
The latest Heat Pump Manual from NewentideThe latest Heat Pump Manual from Newentide
The latest Heat Pump Manual from Newentide
JoeYangGreatMachiner
ย 
ๆฌงๆดฒๆฏ่ตŒ็ƒ-ๆฌงๆดฒๆฏ่ตŒ็ƒไนฐ็ƒๅฎ˜ๆ–นๅฎ˜็ฝ‘-ๆฌงๆดฒๆฏ่ตŒ็ƒๆฏ”่ต›ๆŠ•ๆณจๅฎ˜็ฝ‘|ใ€โ€‹็ฝ‘ๅ€โ€‹๐ŸŽ‰ac55.net๐ŸŽ‰โ€‹ใ€‘
ๆฌงๆดฒๆฏ่ตŒ็ƒ-ๆฌงๆดฒๆฏ่ตŒ็ƒไนฐ็ƒๅฎ˜ๆ–นๅฎ˜็ฝ‘-ๆฌงๆดฒๆฏ่ตŒ็ƒๆฏ”่ต›ๆŠ•ๆณจๅฎ˜็ฝ‘|ใ€โ€‹็ฝ‘ๅ€โ€‹๐ŸŽ‰ac55.net๐ŸŽ‰โ€‹ใ€‘ๆฌงๆดฒๆฏ่ตŒ็ƒ-ๆฌงๆดฒๆฏ่ตŒ็ƒไนฐ็ƒๅฎ˜ๆ–นๅฎ˜็ฝ‘-ๆฌงๆดฒๆฏ่ตŒ็ƒๆฏ”่ต›ๆŠ•ๆณจๅฎ˜็ฝ‘|ใ€โ€‹็ฝ‘ๅ€โ€‹๐ŸŽ‰ac55.net๐ŸŽ‰โ€‹ใ€‘
ๆฌงๆดฒๆฏ่ตŒ็ƒ-ๆฌงๆดฒๆฏ่ตŒ็ƒไนฐ็ƒๅฎ˜ๆ–นๅฎ˜็ฝ‘-ๆฌงๆดฒๆฏ่ตŒ็ƒๆฏ”่ต›ๆŠ•ๆณจๅฎ˜็ฝ‘|ใ€โ€‹็ฝ‘ๅ€โ€‹๐ŸŽ‰ac55.net๐ŸŽ‰โ€‹ใ€‘
valvereliz227
ย 
Kirill Klip GEM Royalty TNR Gold Lithium Presentation
Kirill Klip GEM Royalty TNR Gold Lithium PresentationKirill Klip GEM Royalty TNR Gold Lithium Presentation
Kirill Klip GEM Royalty TNR Gold Lithium Presentation
Kirill Klip
ย 
Profiles of Iconic Fashion Personalities.pdf
Profiles of Iconic Fashion Personalities.pdfProfiles of Iconic Fashion Personalities.pdf
Profiles of Iconic Fashion Personalities.pdf
TTop Threads
ย 
Dpboss Matka Guessing Satta Matta Matka Kalyan Chart Satta Matka
Dpboss Matka Guessing Satta Matta Matka Kalyan Chart Satta MatkaDpboss Matka Guessing Satta Matta Matka Kalyan Chart Satta Matka
Lundin Gold Corporate Presentation - June 2024
Lundin Gold Corporate Presentation - June 2024Lundin Gold Corporate Presentation - June 2024
Lundin Gold Corporate Presentation - June 2024
Adnet Communications
ย 
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan ChartSatta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results
ย 
Science Around Us Module 2 Matter Around Us
Science Around Us Module 2 Matter Around UsScience Around Us Module 2 Matter Around Us
Science Around Us Module 2 Matter Around Us
PennapaKeavsiri
ย 
Sustainable Logistics for Cost Reduction_ IPLTech Electric's Eco-Friendly Tra...
Sustainable Logistics for Cost Reduction_ IPLTech Electric's Eco-Friendly Tra...Sustainable Logistics for Cost Reduction_ IPLTech Electric's Eco-Friendly Tra...
Sustainable Logistics for Cost Reduction_ IPLTech Electric's Eco-Friendly Tra...
IPLTech Electric
ย 
DearbornMusic-KatherineJasperFullSailUni
DearbornMusic-KatherineJasperFullSailUniDearbornMusic-KatherineJasperFullSailUni
DearbornMusic-KatherineJasperFullSailUni
katiejasper96
ย 
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan ChartSatta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results
ย 
Dpboss Matka Guessing Satta Matta Matka Kalyan Chart Indian Matka
Dpboss Matka Guessing Satta Matta Matka Kalyan Chart Indian MatkaDpboss Matka Guessing Satta Matta Matka Kalyan Chart Indian Matka
Dpboss Matka Guessing Satta Matta Matka Kalyan Chart Indian Matka
dpbossdpboss69
ย 
list of states and organizations .pdf
list of  states  and  organizations .pdflist of  states  and  organizations .pdf
list of states and organizations .pdf
Rbc Rbcua
ย 
GKohler - Retail Scavenger Hunt Presentation
GKohler - Retail Scavenger Hunt PresentationGKohler - Retail Scavenger Hunt Presentation
GKohler - Retail Scavenger Hunt Presentation
GraceKohler1
ย 
TIMES BPO: Business Plan For Startup Industry
TIMES BPO: Business Plan For Startup IndustryTIMES BPO: Business Plan For Startup Industry
TIMES BPO: Business Plan For Startup Industry
timesbpobusiness
ย 
Ellen Burstyn: From Detroit Dreamer to Hollywood Legend | CIO Women Magazine
Ellen Burstyn: From Detroit Dreamer to Hollywood Legend | CIO Women MagazineEllen Burstyn: From Detroit Dreamer to Hollywood Legend | CIO Women Magazine
Ellen Burstyn: From Detroit Dreamer to Hollywood Legend | CIO Women Magazine
CIOWomenMagazine
ย 
The Most Inspiring Entrepreneurs to Follow in 2024.pdf
The Most Inspiring Entrepreneurs to Follow in 2024.pdfThe Most Inspiring Entrepreneurs to Follow in 2024.pdf
The Most Inspiring Entrepreneurs to Follow in 2024.pdf
thesiliconleaders
ย 
2022 Vintage Roman Numerals Men Rings
2022 Vintage Roman  Numerals  Men  Rings2022 Vintage Roman  Numerals  Men  Rings
2022 Vintage Roman Numerals Men Rings
aragme
ย 
AI Transformation Playbook: Thinking AI-First for Your Business
AI Transformation Playbook: Thinking AI-First for Your BusinessAI Transformation Playbook: Thinking AI-First for Your Business
AI Transformation Playbook: Thinking AI-First for Your Business
Arijit Dutta
ย 
PM Surya Ghar Muft Bijli Yojana: Online Application, Eligibility, Subsidies &...
PM Surya Ghar Muft Bijli Yojana: Online Application, Eligibility, Subsidies &...PM Surya Ghar Muft Bijli Yojana: Online Application, Eligibility, Subsidies &...
PM Surya Ghar Muft Bijli Yojana: Online Application, Eligibility, Subsidies &...
Ksquare Energy Pvt. Ltd.
ย 

Recently uploaded (20)

The latest Heat Pump Manual from Newentide
The latest Heat Pump Manual from NewentideThe latest Heat Pump Manual from Newentide
The latest Heat Pump Manual from Newentide
ย 
ๆฌงๆดฒๆฏ่ตŒ็ƒ-ๆฌงๆดฒๆฏ่ตŒ็ƒไนฐ็ƒๅฎ˜ๆ–นๅฎ˜็ฝ‘-ๆฌงๆดฒๆฏ่ตŒ็ƒๆฏ”่ต›ๆŠ•ๆณจๅฎ˜็ฝ‘|ใ€โ€‹็ฝ‘ๅ€โ€‹๐ŸŽ‰ac55.net๐ŸŽ‰โ€‹ใ€‘
ๆฌงๆดฒๆฏ่ตŒ็ƒ-ๆฌงๆดฒๆฏ่ตŒ็ƒไนฐ็ƒๅฎ˜ๆ–นๅฎ˜็ฝ‘-ๆฌงๆดฒๆฏ่ตŒ็ƒๆฏ”่ต›ๆŠ•ๆณจๅฎ˜็ฝ‘|ใ€โ€‹็ฝ‘ๅ€โ€‹๐ŸŽ‰ac55.net๐ŸŽ‰โ€‹ใ€‘ๆฌงๆดฒๆฏ่ตŒ็ƒ-ๆฌงๆดฒๆฏ่ตŒ็ƒไนฐ็ƒๅฎ˜ๆ–นๅฎ˜็ฝ‘-ๆฌงๆดฒๆฏ่ตŒ็ƒๆฏ”่ต›ๆŠ•ๆณจๅฎ˜็ฝ‘|ใ€โ€‹็ฝ‘ๅ€โ€‹๐ŸŽ‰ac55.net๐ŸŽ‰โ€‹ใ€‘
ๆฌงๆดฒๆฏ่ตŒ็ƒ-ๆฌงๆดฒๆฏ่ตŒ็ƒไนฐ็ƒๅฎ˜ๆ–นๅฎ˜็ฝ‘-ๆฌงๆดฒๆฏ่ตŒ็ƒๆฏ”่ต›ๆŠ•ๆณจๅฎ˜็ฝ‘|ใ€โ€‹็ฝ‘ๅ€โ€‹๐ŸŽ‰ac55.net๐ŸŽ‰โ€‹ใ€‘
ย 
Kirill Klip GEM Royalty TNR Gold Lithium Presentation
Kirill Klip GEM Royalty TNR Gold Lithium PresentationKirill Klip GEM Royalty TNR Gold Lithium Presentation
Kirill Klip GEM Royalty TNR Gold Lithium Presentation
ย 
Profiles of Iconic Fashion Personalities.pdf
Profiles of Iconic Fashion Personalities.pdfProfiles of Iconic Fashion Personalities.pdf
Profiles of Iconic Fashion Personalities.pdf
ย 
Dpboss Matka Guessing Satta Matta Matka Kalyan Chart Satta Matka
Dpboss Matka Guessing Satta Matta Matka Kalyan Chart Satta MatkaDpboss Matka Guessing Satta Matta Matka Kalyan Chart Satta Matka
Dpboss Matka Guessing Satta Matta Matka Kalyan Chart Satta Matka
ย 
Lundin Gold Corporate Presentation - June 2024
Lundin Gold Corporate Presentation - June 2024Lundin Gold Corporate Presentation - June 2024
Lundin Gold Corporate Presentation - June 2024
ย 
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan ChartSatta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
ย 
Science Around Us Module 2 Matter Around Us
Science Around Us Module 2 Matter Around UsScience Around Us Module 2 Matter Around Us
Science Around Us Module 2 Matter Around Us
ย 
Sustainable Logistics for Cost Reduction_ IPLTech Electric's Eco-Friendly Tra...
Sustainable Logistics for Cost Reduction_ IPLTech Electric's Eco-Friendly Tra...Sustainable Logistics for Cost Reduction_ IPLTech Electric's Eco-Friendly Tra...
Sustainable Logistics for Cost Reduction_ IPLTech Electric's Eco-Friendly Tra...
ย 
DearbornMusic-KatherineJasperFullSailUni
DearbornMusic-KatherineJasperFullSailUniDearbornMusic-KatherineJasperFullSailUni
DearbornMusic-KatherineJasperFullSailUni
ย 
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan ChartSatta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
ย 
Dpboss Matka Guessing Satta Matta Matka Kalyan Chart Indian Matka
Dpboss Matka Guessing Satta Matta Matka Kalyan Chart Indian MatkaDpboss Matka Guessing Satta Matta Matka Kalyan Chart Indian Matka
Dpboss Matka Guessing Satta Matta Matka Kalyan Chart Indian Matka
ย 
list of states and organizations .pdf
list of  states  and  organizations .pdflist of  states  and  organizations .pdf
list of states and organizations .pdf
ย 
GKohler - Retail Scavenger Hunt Presentation
GKohler - Retail Scavenger Hunt PresentationGKohler - Retail Scavenger Hunt Presentation
GKohler - Retail Scavenger Hunt Presentation
ย 
TIMES BPO: Business Plan For Startup Industry
TIMES BPO: Business Plan For Startup IndustryTIMES BPO: Business Plan For Startup Industry
TIMES BPO: Business Plan For Startup Industry
ย 
Ellen Burstyn: From Detroit Dreamer to Hollywood Legend | CIO Women Magazine
Ellen Burstyn: From Detroit Dreamer to Hollywood Legend | CIO Women MagazineEllen Burstyn: From Detroit Dreamer to Hollywood Legend | CIO Women Magazine
Ellen Burstyn: From Detroit Dreamer to Hollywood Legend | CIO Women Magazine
ย 
The Most Inspiring Entrepreneurs to Follow in 2024.pdf
The Most Inspiring Entrepreneurs to Follow in 2024.pdfThe Most Inspiring Entrepreneurs to Follow in 2024.pdf
The Most Inspiring Entrepreneurs to Follow in 2024.pdf
ย 
2022 Vintage Roman Numerals Men Rings
2022 Vintage Roman  Numerals  Men  Rings2022 Vintage Roman  Numerals  Men  Rings
2022 Vintage Roman Numerals Men Rings
ย 
AI Transformation Playbook: Thinking AI-First for Your Business
AI Transformation Playbook: Thinking AI-First for Your BusinessAI Transformation Playbook: Thinking AI-First for Your Business
AI Transformation Playbook: Thinking AI-First for Your Business
ย 
PM Surya Ghar Muft Bijli Yojana: Online Application, Eligibility, Subsidies &...
PM Surya Ghar Muft Bijli Yojana: Online Application, Eligibility, Subsidies &...PM Surya Ghar Muft Bijli Yojana: Online Application, Eligibility, Subsidies &...
PM Surya Ghar Muft Bijli Yojana: Online Application, Eligibility, Subsidies &...
ย 

Adair Power Point Presentation

  • 1. Tax Credit for First Time Homebuyers
  • 2. In September of 2008, the Housing and Economic Recovery Act of 2008 was signed. The Act was created to encourage many people to make that big purchase of a new home now instead of waiting. The economy and housing market was in need of a boost.
  • 3. The first tax credit was in the amount of $7500 or 10% of the purchase price with a repayment period of 15 years, beginning two years after claiming it on their tax return. This amount and conditions was created and signed under the Bush administration.
  • 4. Under Bushโ€™s tax credit, taxpayers were required to pay back the credit therefore it came to be referred to as a interest free loan/credit. President Bushโ€™s hope was that with this incentive more taxpayers would use the extra cash to make purchases that they may have otherwise not made.
  • 5. To qualify, homes had to be purchased between April 9, 2008 & July 30, 2009. First time homebuyers under this law were not just homebuyers making their first initial home purchase but those who had not previously owned a home in the three years preceding the date of current purchase.
  • 6. After taking office, President Obama revised the Housing Act, raising the amount to $8000 and no longer making it a repayable credit. It became law on Feb. 17, 2009 and was known as the American Recovery and Reinvestment Act of 2009. Under this new law, homes were now required to be purchased between Jan. 1, 2009 & Dec. 1, 2009
  • 7.
  • 9. Selling the home in first year
  • 10. Stop using home as primary residence
  • 11. Income exceeds $170,000 for joint and $95,000 for single
  • 12. Statistics of how the housing market has been affected by the tax credit is still unknown. Though some home lots have reported an increase in new home purchasers inquiring about the tax credit and if they would qualify. Hopefully in the upcoming months more information will be available in order for the government to know whether this tax credit has helped.
  • 13. Presented and Created by Alicia Adair Technical Communications Augusta Tech Ms. Owens

Editor's Notes

  1. Tax Credit for First Time Homebuyers