First Time Home Buyer Credit of 2009
Posted by Wei Min Tan on October 30, 2017
Publication: The Epoch Times Chinese
Summary: Wei Min Tan writes about the First Time Home Buyer Tax Credit which provides a credit of up to $8,000 for first time home buyers. This is the English version published through Wei Min’s blog, Wealthre.blogspot.com
Excerpt: The 2009 First Time Home Buyer Tax Credit is part of the American Recovery and Reinvestment Act signed by President Obama into law on February 17, 2009 to revive the housing market. By providing a $8000 tax credit to first time home buyers, this credit aims to increase the number of buyers and consequently stimulate the slumped housing market in the US.
This 2009 Tax Credit differs form the 2008 Tax Credit in two major ways.
(i) The 2009 Tax Credit allows for a credit of up to $8000 while the 2008 credit allows for only up to $7500
(ii) The 2008 credit has to be repaid over 15 years, effectively making it a loan. The 2009 credit does not have to be repaid