Credit as Created July 2008

Applies to All Qualified Purchases

On or After April 09,2009 

Revised Credit

Effective for Purchases On

or After January 01, 2009 and

Before Decemeber 01,2009

Lesser of 10% of the cost of the

home or $7,500

Maximum credit amount increased

to $8,000

Any single family residence

(including condos, co-ops, town-

houses) that will be used as

principle residence 

No Change

All principle residences eligible

Yes...Reduces (or can eliminate)

income tax liability for the year of

the purchase. Any unused amount

of tax credit refunded to purchaser 

No Change

Purchasers will continue to recieve

refund for unused amount when

return is filed

Yes...Full amount of the credit

available for individuals with

adjsuted gross income of no more

than $75,000 ($150,000 on joint

returns). Phases out above those 

caps ($95,000 and $170,000). 

No Change

Same income limits continued to

apply

Yes...Purchaser (and purchaser's

spouse) may not have owned a

principle residence in three years

previous to purchase.

No Change

Still available for first-time home-

buyers only who have not owned

principle residence three years

previous to purchase.

No credit allowed if financed with

state/local bond financing.

Purchasers who utilize revenue

bond financing can use credit.

Yes...Portion (6.67% of the credit

or $500) to be repaid each year 

for 15 years, starting with

2010 tax filing.

No repayment for purchases on

or after January 01, 2009 and

before December 01, 2009.

If home is sold before the 15-year

repayment period ends,

outstanding balance of

re-payment amount

recaptured on sale.

If home sold within three years of

purchase, entire amount of credit is

recaptured on sale. Applies to

only homes purchased in 2009.

July 01, 2009...but program

changes in 2009

Purchases on or after April 9,2009

and before January 1,2009.

All revisions are effective as of

January 1, 2009