Sheila D Jones
Realtor®
Celebrating 15+ Years in Business
Contact Info - Tel: 770 655-4343 \ Fax: 770 387-9603 \ Dir: 770 655-4343 / Send eMail
INCOME TAX CREDIT...
The House and Senate have passed the Stimulus bill. In addition, the President is scheduled to announce the Administration's comprehensive housing recovery program.
The 2008 tax credit provision has been amended as follows:
1. Tax credit is increased to $8000
2. The income limits remain the same
($75,000 for an individual; $150,000 for a couple)
3. First-time homebuyers and principal residences only.
4. Tax credit is available until December 1st. Previously it
expired on July 1st.
5. Waiver of recapture (i.e. no repayment requirement) for
properties purchased in 2009 prior to December 1st.
a. The provision is retroactive to purchases made on or
after January 1, 2009.
b. Recapture section does apply to properties sold in
first three years.
6. Waiver of prohibition on financing by mortgage revenue
bonds is included.
The 2008 tax credit provision has been amended as follows:
1. Tax credit is increased to $8000
2. The income limits remain the same
($75,000 for an individual; $150,000 for a couple)
3. First-time homebuyers and principal residences only.
4. Tax credit is available until December 1st. Previously it
expired on July 1st.
5. Waiver of recapture (i.e. no repayment requirement) for
properties purchased in 2009 prior to December 1st.
a. The provision is retroactive to purchases made on or
after January 1, 2009.
b. Recapture section does apply to properties sold in
first three years.
6. Waiver of prohibition on financing by mortgage revenue
bonds is included.
Check out the website www.federalhousingtaxcredit.com for more details or contact me.
There has never been a better time to invest in your future. Don't you owe it to yourself! Call or email me today to get you on the road to home ownership.
- Professional Realty Group
- 25 Stonewall St.
- Cartersville, Ga 30120
- Tel: 770 655-4343
- Fax: 770 387-9603
- Dir: 770 655-4343
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