Opportunity of a Lifetime for
 First Time Home Owners
    Housing Stimulus Bill Synopsis
   First Time Home Buyer Tax Cred...
Amount of Credit:
10% of cost of home,
not to exceed $7500

First Time Home Buyer Tax Credit
 Housing  Economic Recovery A...
Eligible Property:
          Any single family residence
(including Condominiums and Co-operatives)
   that will be used a...
Refundable:
                  Yes.
Reduces income tax liability for the year of
              purchase.
 Claimed on tax re...
H.R. 3221 First time home buyer tax credit
H.R. 3221 First time home buyer tax credit
H.R. 3221 First time home buyer tax credit
H.R. 3221 First time home buyer tax credit
H.R. 3221 First time home buyer tax credit
H.R. 3221 First time home buyer tax credit
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H.R. 3221 First time home buyer tax credit

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On July 30, 2008 President Bush signed a major housing bill H.R. 3221 into law. As part of this housing bill, Congress created, a new temporary tax credit to provide an incentive to first time home-owners. The $7500 tax credit will be for the purchase of a principle residence on or after April 9, 2008 and before July 1, 2009.

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H.R. 3221 First time home buyer tax credit

  1. 1. Opportunity of a Lifetime for First Time Home Owners Housing Stimulus Bill Synopsis First Time Home Buyer Tax Credit Housing Economic Recovery Act of 2008
  2. 2. Amount of Credit: 10% of cost of home, not to exceed $7500 First Time Home Buyer Tax Credit Housing Economic Recovery Act of 2008
  3. 3. Eligible Property: Any single family residence (including Condominiums and Co-operatives) that will be used as a principle residence First Time Home Buyer Tax Credit Housing Economic Recovery Act of 2008
  4. 4. Refundable: Yes. Reduces income tax liability for the year of purchase. Claimed on tax return for that tax year. First Time Home Buyer Tax Credit Housing Economic Recovery Act of 2008

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