H.R. 214 and the Senate Amendments ( Federal Income Tax Credit for Home Purchases)

 The credit would be 10% of the purchase price of the house, up to $8000. One Time only credit.

 The credit would be spread over two years. For example, if you buy a house with a purchase price of $300,000, you would qualify for the maximum credit of $8000. The first year you claim the credit, you would receive $4000, and you would receive the remaining $4000 the next year.

 Additionally the requirement to repay the tax credit over time will be waived unless home is resold within 3 years of purchase.

 This credit is for a homebuyer who has not owned a principal residence in the past 3 years prior to purchase. The homebuyer must also meet the personal income restrictions as follows: The credit is available to joint filers with modified adjusted gross income below $150,000 and phases out once income exceeds $170,000. For single filers, the numbers are $75,000 and $95,000.

 Dates of Purchase that qualify for this credit: After December 31st 2008 and before December 31st 2009.

 Eligible Properties: Single Family, PUD, Condo