The National Association of Home Builders (NAHB) has launched a newly-designed web site that provides detailed information about the $8,000 tax credit for first-time home buyers that is a key measure in the sweeping economic stimulus legislation just signed into law by President Obama. Homebuyers can find other helpful resources on the site.
In addition to being limited to first-time home buyers, the tax credit:
Is equal to 10 percent of the home's purchase price up to a maximum of $8,000.
Is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
Does not have to be repaid.
Has income limits of $75,000 for single taxpayers and $150,000 for married couples.