• First, the Senate and the House passed their own ideal economic recovery bills.  The approved Senate bill included a $15,000 homebuyer tax credit.
• Congressional leaders met to combine the Senate and House bills into one piece of legislation. The $15,000 tax credit was reduced to a $8,000 homebuyer tax credit.
• Details of the stimulus become public once the new plan is passed by both the Senate and House, including: 
• Tax credit of 10% of the purchase price up to $8,000
• Credit only valid for first-time homebuyers purchasing principal residence
• Credit can be applied to purchases made from 1/01/09-12/01/09
• Home purchased must be principal residence for 3 years or credit will be recaptured
• Only applies when taxable income for the year is less than $75,000 (file single return) or 150,000 (file join return)  

Call Matthew Simms for more 1st time Home Buyers TIPS.

405.340.2480