American Recovery and Reinvestment Act of 2009.
The tax credit is for first-time home buyers only.
For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
The tax credit does not have to be repaid.
The tax credit is equal to 10 percent of the home’s purchase price up to a
maximum of $8,000.
The credit is available for homes purchased on or
after January 1, 2009 and before December 1, 2009.
Single taxpayers with incomes up to $75,000 and
married couples with incomes up to $150,000 qualify for the full tax credit.