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The American Recovery and Reinvestment Act of 2009 (ARRA) (Pub. L. 111–5 (text) (PDF)), nicknamed the Recovery Act, was a stimulus package enacted by the 111th U.S. Congress and signed into law by President Barack Obama in February 2009. Developed in response to the Great Recession, the primary objective of this federal statute was to save ...
Included a first-time home buyer refundable tax credit for purchases on or after April 9, 2008 and before July 1, 2009 equal to 10 percent of the purchase price of a principal residence, up to $7,500. Phased out the credit for taxpayers with incomes over $75,000 ($150,000 for joint returns).
The first-time homebuyer credit is a new tax credit included in the recently enacted Housing and Economic Recovery Act of 2008. For homes purchased in 2008, the credit operates like an interest ...
A first time homebuyer tax credit offers a direct reduction of the amount of income tax you owe. The U.S. federal government offered a tax credit program to first-time homebuyers (including those ...
Under the most recent economic stimulus package, first-time homebuyers are eligible for a nonrepayable $8,000 tax credit if they Innovative ways to stimulate the economy: A transferable homebuyer ...
Besides extending the $8,000 tax credit for first time home buyers until April 2010, the Act also provides a $6,500 tax credit for current homeowners who purchase a home between November 6, 2009 and end of April 2010. [7] The Act also increases the income limits to qualify for the credit.
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