Homebuyer Tax Credit Changes
There have been a lot of questions about the new Homebuyer Tax Credit Changes. This is a recap that should be easy to understand. Let me know if you have any further questions or if I can assist you with your Hendersonville Real Estate. This information was gathered from the National Association of Realtors and the White House website.
On Friday, November 6, 2009, the President signed into law:
H.R. 3548, the “Worker, Homeownership, and Business Assistance Act of 2009,” which provides an additional 14 weeks of emergency unemployment compensation (EUC) in all States and six additional weeks of EUC in very high unemployment States; extends the Federal Unemployment Tax Act surtax through June 30, 2011; extends the $8,000 First-Time Homebuyer Tax Credit through April 30, 2010, and provides a $6,500 credit to certain other homebuyers through April 30, 2010; increases from two to five preceding years the period for which businesses can offset net operation losses in 2008 and 2009 against income; and makes certain other changes to Federal unemployment programs and tax laws;
To recap the Homebuyers Tax Credit Changes
* Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
* Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.
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