NAR Issue Brief Homebuyer Tax Credit Changes
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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'!#$!,)*,!-*,'@!*(!D'885 December!1!–!April!30,! FEATURE! Jan!1!–!November!30,!2009! 2010!Rules!as!enacted!! Rules!as!enacted!! February!2009! November!2009! GH???!! First"time!Buyer!–!! GH???! IGJ???!/*&&4'-!! Amount!of!Credit! IGJ???!/*&&4'-!! 7484$%!('.*&*,'K! 7484$%!('.*&*,'K! First"time!Buyer!–! L*2!$#,!)*C'!)*-!*$!4$,'&'(,! ! Definition!for!Eligibility! 4$!*!.&4$34.*8!&'(4-'$3'!7#&!>! M*/'! 2'*&(!.&4#&!,#!.1&3)*('! Current!Homeowner!–! N#!E&#C4(4#$! GOP??!! Amount!of!Credit! IG>AP?!/*&&4'-!! 7484$%!('.*&*,'K! Effective!Date!–!! N#!E&#C4(4#$! ! Current!Owner! :*,'!#7!Q$*3,/'$,! Current!Homeowner!–! N#!E&#C4(4#$! L1(,!)*C'!1('-!,)'!)#/'! Definition!for!Eligibility!! (#8-!#&!0'4$%!(#8-!*(!*! .&4$34.*8!&'(4-'$3'! 3#$('31,4C'82!7#&!P!#7!,)'! .&'C4#1(!H!2'*&(! Termination!of!Credit! E1&3)*('(!*7,'&!! E1&3)*('(!*7,'&!! N#C'/0'&!>?@!A??R5! =.&48!>?@!A?;?! IS'3#/'(!=.&48!>?@!A?;?!#$! :*,'!#7!Q$*3,/'$,5K! Binding!Contract!Rule! N#$'! 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! GUP@???!<!(4$%8'! G;AP@???!<!(4$%8'! (Note:!!Increased!income! G;P?@???!<!/*&&4'-! GAAP@???!<!/*&&4'-! limits!are!effective!as!of! =--4,4#$*8!GA?@???!.)*('!#1,! =--4,4#$*8!GA?@???!.)*('! date!of!enactment!of!bill)! #1,! Limitation!on!Cost!of! N#$'! GH??@???! Purchased!Home! Q77'3,4C'!:*,'!#7!Q$*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&$! !