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An important new act has extended and expanded an attractive tax incentive for potential new home buyers in Idaho and Washington. It's called The Worker, Homeownership, and Business Assistance Act of 2009, and it extends the deadline for the first-time new home buyer tax credit and gives a larger group of new home buyers the chance to take advantage of this program.
According to the National Association of Home Builders the tax credit has already proven to be an effective means of boosting economic activity and allowed many new home buyers to save thousands of dollars.
Basically the law extends the $8,000 first-time new home buyer credit through April 30th, 2010 and gives buyers who have signed a sales agreement by that deadline until June 30th 2010 to close their new home. In addition, a new credit of up to $6,500.00 has been created for repeat new home buyers who buy a new principal residence. So if you've been living in the home you currently own (or previously owned) for at least five consecutive years out of the eight years preceding the purchase of the new home you may qualify.
Repeat Buyers Note: It's Not Just For First-Time Buyers!
That means it's not just a first-time buyer tax credit anymore! Move-up buyers, move-down buyers, or any others who have previously owned a home can qualify now as well.
It's estimated that as many as 70 percent of all potential new home buyers should now qualify for some form of the tax credit and save thousands of dollars when buying a new home.
Income limits have also been increased for eligible buyers that allow more people to qualify. For instance, single taxpayers with incomes up to $125,000 and married couples earning up to $225,000 may be eligible. Plus, partial credits are available to home buyers who earn up to $20,000 more than the limits.
