· It applies only to first time buyers (defined as someone who has not owned a principal residence during the three-year period prior to the purchase) who purchase a home between January 1st, 2009 and December 1st, 2009.
· It is a refundable tax credit of 10% of the purchase price up to $8,000.
· The credit does NOT have to be repaid over time.
· No portion of the $8,000 credit is due upon sale of the home if the home is owned for more than three years.
· The credit is phased out starting at an adjusted gross income of $75,000 for individuals and $150,000 for those filing jointly.
· The credit will be claimed on the purchaser's income taxes. Any amount in excess of taxes owed will be refunded to the purchaser.
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