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HOMEBUYERS TAX CREDIT

This provides for a $8000 tax credit that is available to first-time home buyers for the purchase of a principal residence before April 30, 2010, the home has to close on or before June 30, 2010. The credit does not require repayment. the credit will be claimed on a tax return to reduce the purchaser's income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.

There is also a $6,500 credit available for home owners that have lived in their current home 5 of the last 8 years, under the same time line as the first time home buyers. It is not necessary to sell your current home to get the credit.

This is a great opportunity to build a new home and close before June 30, 2010.

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