The economic stimulus legislation signed into law by President Barack Obama authorizes a tax credit of up to $8,000 for qualified first-time home buyers. The National Association of Home Builders (NAHB) has launched a newly-designed Web site at www.federalhousingtaxcredit.com to address some of the “Frequently Asked Questions” concerning this tax credit.
According to the Federal Housing Tax Credit Web site:
- The tax credit is for first-time buyers only.
- The tax credit does not have to be repaid.
- The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
- The tax credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
- Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.