March 3rd, 2009 2:12 PM by Lehel Szucs
The budget compromise passed this week includes a tax credit of up to $ 10,000 for purchasers of newly built homes bought between March 1, 2009 and March 1, 2010 or when the funding is exhausted, whichever comes first.
The tax credit is for $ 10,000 or 5 percent of the purchase price, whichever is less.
The home must be the principal residence of the buyer for at least two years or the tax credit will have to be re payed.
The credit will be provided in equal amounts up to $ 3,333 per year over three successive tax years, beginning with the year the purchase is made.
The credit does not apply to existing homes, only to newly constructed homes.
If you buy a new home between March 1 and December 31, 2009 and are a first time buyer, you may qualify for both the State and Federal Tax Credits.
We hope you find this information helpful.