Washington, DC, Sept 11, 2008--A new $7,500 temporary first-time home buyer tax credit is expected to turn millions of hesitant shoppers into home buyers, says the National Association of Home Builders.
Www.FederalHousingTaxCredit.com is a new website set up by NAHB to help potential home buyers understand how the incentive works. Some of the key provisions include:
-- The tax credit is available for first-time home buyers, which includes people who have not owned a home that is their primary residence for at least three years.
-- The credit depends on how much money the home buyer makes. To receive the full tax credit amount of $7,500, the income limits are $75,000 a year for single taxpayers and $150,000 for married taxpayers filing joint returns. For partial credit the upper limit is $95,000 and $170,000 respectively.
-- The home purchase must occur between April 9, 2008 and July 1, 2009.
-- Qualified home buyers claim the credit when they file their income tax return. The credit is refundable, which means if their tax liability is less than the credit, they will get a check from the IRS for the difference.
-- The tax credit works as an interest free loan with up to 15 years to pay it back. For example, a home buyer claiming the full $7,500 credit would repay the loan at a rate of about $500 a year.
Sandy Dunn, president of the NAHB, said "Buyers who take advantage of today's optimum conditions -- including the tax credit that is available for a short time -- can get more home than they could just a few years ago, but they shouldn't wait."
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