homebuyer tax credit changes

NAR Issue Brief Homebuyer Tax Credit Changes National Association of REALTORS ® Government Affairs Division 500 New Jersey Avenue, NW, Washington DC, 20001 "#$%&’(( )*( ’+,’$-’- *$- ’+.*$-’- ,)’ )#/’012’& ,*+ 3&’-4,5 6)’ /#-4743*,4#$( 4$ ,)’ 3#81/$ 8*0’8’- 9:’3’/0’& ; < =.&48 >?@ A?;?B 0’3#/’ ’77’3,4C’ D)’$ E&’(4-’$, F0*/* (4%$( ,)’ 04885 =88 3)*$%’( /*-’ ,# ,)’ 31&&’$, 3&’-4, 0’3#/’ ’77’3,4C’ #$ ,)*, -*,’@ *( D’885 FEATURE Jan 1 – November 30, 2009 Rules as enacted February 2009 December 1 – April 30, 2010 Rules as enacted November 2009 First"time Buyer – Amount of Credit GH??? IGJ??? /*&&4’- 7484$% (’.*&*,’K GH??? IGJ??? /*&&4’- 7484$% (’.*&*,’K First"time Buyer – Definition for Eligibility L*2 $#, )*C’ )*- *$ 4$,’&’(, 4$ * .&4$34.*8 &’(4-’$3’ 7#& > 2’*&( .&4#& ,# .1&3)*(’ M*/’ Current Homeowner – Amount of Credit N# E&#C4(4#$ GOP?? IG>AP? /*&&4’- 7484$% (’.*&*,’K Effective Date – Current Owner N# E&#C4(4#$ :*,’ #7 Q$*3,/’$, Current Homeowner – Definition for Eligibility N# E&#C4(4#$ L1(, )*C’ 1(’- ,)’ )#/’ (#8- #& 0’4$% (#8- *( * .&4$34.*8 &’(4-’$3’ 3#$(’31,4C’82 7#& P #7 ,)’ .&’C4#1( H 2’*&( Termination of Credit E1&3)*(’( *7,’& N#C’/0’& >?@ A??R5 IS’3#/’( =.&48 >?@ A?;? #$ :*,’ #7 Q$*3,/’$,5K E1&3)*(’( *7,’& =.&48 >?@ A?;? Binding Contract Rule N#$’ M# 8#$% *( * D&4,,’$ 04$-4$% 3#$,&*3, ,# .1&3)*(’ 4( 4$ ’77’3, #$ =.&48 >?@ A?;?@ ,)’ .1&3)*(’& D488 )*C’ 1$,48 T182 ;@ A?;? ,# 38#(’5 Income Limits (Note: Increased income limits are effective as of date of enactment of bill) GUP@??? < (4$%8’ G;P?@??? < /*&&4’- =--4,4#$*8 GA?@??? .)*(’ #1, G;AP@??? < (4$%8’ GAAP@??? < /*&&4’- =--4,4#$*8 GA?@??? .)*(’ #1, Limitation on Cost of Purchased Home N#$’ GH??@??? Q77’3,4C’ :*,’ #7 Q$*3,/’$, Purchase by a Dependent N# E&#C4(4#$ V$’84%408’ Q77’3,4C’ :*,’ #7 Q$*3,/’$, Anti"fraud Rule N#$’ E1&3)*(’& /1(, *,,*3) -#31/’$,*,4#$ #7 .1&3)*(’ ,# ,*+ &’,1&$

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Here are a few of the major changes to the new extended homebuyer tax credit.

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NAR Issue Brief Homebuyer Tax Credit Changes !

National Association of REALTORS® Government Affairs Division 500 New Jersey Avenue, NW, Washington DC, 20001 !"#$%&'((!)*(!'+,'$-'-!*$-!'+.*$-'-!,)'!)#/'012'&!,*+!3&'-4,5!!6)'!/#-4743*,4#$(!4$!,)'!3#81/$!8*0'8'-!9:'3'/0'&!;!<!=.&48!>?@!A?;?B!0'3#/'!'77'3,4C'!D)'$!E&'(4-'$,!F0*/*!(4%$(!,)'!04885!!=88!3)*$%'(!/*-'!,#!,)'!31&&'$,!3&'-4,!0'3#/'!'77'3,4C'!#$!,)*,!-*,'@!*(!D'885

FEATURE! Jan!1!–!November!30,!2009!Rules!as!enacted!!February!2009!

December!1!–!April!30,!2010!Rules!as!enacted!!

November!2009!First"time!Buyer!–!!Amount!of!Credit!

GH???!IGJ???!/*&&4'-!!7484$%!('.*&*,'K!

GH???!!IGJ???!/*&&4'-!!7484$%!('.*&*,'K!

First"time!Buyer!–!Definition!for!Eligibility!

L*2!$#,!)*C'!)*-!*$!4$,'&'(,!4$!*!.&4$34.*8!&'(4-'$3'!7#&!>!2'*&(!.&4#&!,#!.1&3)*('!

!M*/'!

Current!Homeowner!–!Amount!of!Credit!

N#!E&#C4(4#$! GOP??!!IG>AP?!/*&&4'-!!7484$%!('.*&*,'K!

Effective!Date!–!!Current!Owner!

N#!E&#C4(4#$! !:*,'!#7!Q$*3,/'$,!

Current!Homeowner!–!Definition!for!Eligibility!!

N#!E&#C4(4#$! L1(,!)*C'!1('-!,)'!)#/'!(#8-!#&!0'4$%!(#8-!*(!*!.&4$34.*8!&'(4-'$3'!

3#$('31,4C'82!7#&!P!#7!,)'!.&'C4#1(!H!2'*&(!

Termination!of!Credit! E1&3)*('(!*7,'&!!N#C'/0'&!>?@!A??R5!

IS'3#/'(!=.&48!>?@!A?;?!#$!:*,'!#7!Q$*3,/'$,5K!

E1&3)*('(!*7,'&!!=.&48!>?@!A?;?!

Binding!Contract!Rule! N#$'! M#!8#$%!*(!*!D&4,,'$!04$-4$%!3#$,&*3,!,#!.1&3)*('!4(!4$!'77'3,!#$!=.&48!>?@!A?;?@!,)'!.1&3)*('&!D488!)*C'!1$,48!!T182!;@!A?;?!,#!38#('5!

Income!Limits!(Note:!!Increased!income!limits!are!effective!as!of!date!of!enactment!of!bill)!

GUP@???!<!(4$%8'!G;P?@???!<!/*&&4'-!

=--4,4#$*8!GA?@???!.)*('!#1,!

G;AP@???!<!(4$%8'!GAAP@???!<!/*&&4'-!

=--4,4#$*8!GA?@???!.)*('!#1,!

Limitation!on!Cost!of!Purchased!Home!

N#$'! GH??@???!Q77'3,4C'!:*,'!#7!Q$*3,/'$,!

Purchase!by!a!Dependent! N#!E&#C4(4#$! V$'84%408'!Q77'3,4C'!:*,'!#7!Q$*3,/'$,!

Anti"fraud!Rule! N#$'! E1&3)*('&!/1(,!*,,*3)!-#31/'$,*,4#$!#7!.1&3)*('!

,#!,*+!&',1&$!!

designer

AB183 New Homebuyer Tax Credit - Old Republic Title ......AB183 New Homebuyer Tax Credit Governor Schwarzenegger today signed AB 183, providing $200 million for home buyer tax credits