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 4/1/08 - 12/31/08* *previously through 7/1/09
| Purchases occurring 1/1/09 - 11/30/09
|
First-Time Homebuyer 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
| Full Credit available to individuals with an adjusted gross income (AGI) of no more than $75,000 ($150,000 on a joint return). Credit phases out for AGIs up to $20,000 above those caps | Full credit available to individuals with an AGI of no more than $75,000 ($150,000 on a joint return). Credit phases out for AGIs up to $20,000 above those caps |
Eligible Property Types
| Any single family residence that will be used as a primary residence. Includes condos, co-ops, and townhomes.
| Any single family residence that will be used as a primary residence. Includes condos, co-ops, and townhomes.
|
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. |