|
Feature
|
Original Tax Credit
2008
|
Revised Tax Credit
2009
|
| Amount |
10% of purchase price,
up to a maximum of $7,500
|
10% of purchase price,
up to a maximum of $8,000
|
| Dates of Eligibility |
Purchases occurring
4/9/08 ~ 12/31/08
|
Purchases occurring
1/1/09 ~ 12/1/09
|
|
First-Time Home Buyer
Requirement
|
Buyers may NOT have
owned a principal residence
in the 3 years preceding
the purchase.
|
Buyers may NOT have
owned a principal residence
in the 3 years preceding
the purchase.
|
| Income Limits |
Adjusted gross income
(AGI):
$75,000 ~ Individual
$150,000 ~ Joint
|
Adjusted gross income
(AGI):
$75,000 ~ Individual
$150,000 ~ Joint
|
|
Eligible Property
Types
|
Any single family residence
that will be used as a
primary residence.
|
Any single family residence
that will be used as a
primary residence.
|
| Repayment |
6.67% of the credit
($500 for the full $7,500)
to be paid annually over
15 years, beginning
2 years after filing.
|
NONE |
| Recapture |
If the home is sold
before the 15 year
repayment period ends,
the outstanding balance
of repayment is
recaptured on sale.
|
If the home is sold within
3 years of purchase,
the entire credit is
recaptured on sale.
|
| Bond Financing |
Tax credit is NOT allowed
if the purchase is financed
with state or local
bond funding.
|
Tax credit is allowed
in conjunction with state
or local bond financing.
|
