The first time homebuyer tax credit that has buoyed our Portland real estate market, especially starter homes, was recently extended. What's new and different?
HIGHLIGHTS:
- The existing $8,000 tax credit program which was set to expire on November 30, 2009 has been effectively extended until July 1, 2010 (sales contract must be in place by 4/30/2010)
- The income ceilings to qualify for the tax credit have been increased from $75K to $125K for single tax-payers, and from $150K to $225K for married couples.
- Eligibility has been expanded to existing home-owners ($6,500 tax credit), provided they've resided in home for 5 of last 8 years.
Click on the icon below to download a pdf that describes the new program and answers frequently asked questions about both programs.
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