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The "American Recovery and Reinvestment Act of 2009," passed the House on February 13, 2009. The Senate also passed the bill later that day. The President is expected to sign the bill soon. The bill provides for a $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. The credit does not require repayment. Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the … (4 comments)
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