|
Original 2008 Legislation |
March 2009 Revised Legislation |
November 2009 Revised Legislation |
| Dates Applied |
First-Time Home Buyers, closing between April 8, 2008 and December 31, 2008. |
First Time Home Buyers, closing between January 1, 2009 and November 6, 2009 |
First Time Home Buyers, closing November 7, 2009 and June 30, 2010 |
Repeat or “Step Up” Home Buyers, closing between November 7, 2009 and June 30, 2009 |
| Credit Amount |
A tax credit of 10% of purchase price, up to $7,500, but acts as an interest-free loan that must be paid back over 15 years. |
Tax credit of 10% of purchase price, up to $8,000. |
Tax credit of 10% of purchase price, up to $8,000. |
Tax credit of 10% of purchase price, up to $6,500. |
| Deadlines |
Must close between April 8, 2008 and December 31, 2008 (originally July 1, 2009, but superseded by March 2009 legislation). |
Must close between January 1, 2009, and November 6, 2009 (originally November 30th, but superseded by the November 6, 2009 legislation). |
Must be in contract by April 30th 2010, and close by June 30, 2010. |
Must be in contract by April 30th 2010, and close by June 30, 2010. |
| Who Qualifies |
Cannot have lived in a home you owned in the three years prior to closing on your qualifying home purchase. |
Cannot have lived in a home you owned in the three years prior to closing on your qualifying home purchase. |
Cannot have lived in a home you owned in the three years prior to closing on your qualifying home purchase. |
If you previously owned a home within the past three years, you must have lived in the home you owned for five consecutive years out of the last eight. |
| Income Restrictions |
A “modified adjustable gross income” of $75,000 for single filers, and $150,000 for joint filers, with a partial tax credit for people whose income is within $20,000 of limits. |
A “modified adjustable gross income” of $75,000 for single filers, and $150,000 for joint filers, with a partial tax credit for people whose income is within $20,000 of limits. |
A “modified adjustable gross income” of $125,000 for single filers, and $225,000 for joint filers, with a partial tax credit for people whose income is within $20,000 of limits. |
| Major Restrictions |
Not a true tax credit: functions as an interest-free loan that must be paid back over 15 years.
Cannot buy a home from a close relative.
Cannot sell or move out of the home for at least three years after closing. |
Cannot buy a home from a close relative.
Cannot buy a home from a corporate entity that you own more than 50% of.
Cannot sell or move out of the home for at least three years after closing. |
Cannot be a dependent on someone else’s tax return, or under the age of 18.
Cannot buy a home from a close relative.
Cannot buy a home from a corporate entity that you own more than 50% of.
Cannot buy a home for $800,000 or more.
Cannot sell or move out of the home for at least three years after closing. |
| What Homes Apply |
Single-family homes, condominiums, cooperative apartments, multi-family homes, houseboats, and affixed mobile homes and trailers. |
Single-family homes, condominiums, cooperative apartments, multi-family homes, houseboats, and affixed mobile homes and trailers. |
Single-family homes, condominiums, cooperative apartments, multi-family homes, houseboats, and affixed mobile homes and trailers. |