* 10% of the purchase price or $15,000, whichever smaller
* Can’t make your federal tax turn negative (if you owe less than 15,000 before this credit to the government in a given taxable year, your federal tax becomes equal to zero)
* You can elect to receive this credit over two years, 7500 this year and 7500 next year.
* Owner-occupied only
* You must repay the credit if you dispose of the property within 2 years of purchase
* I don’t see any income restrictions
* Applies to purchases made between December 31, 2008, and January 1, 2010
* You can elect to treat the purchase as made on December 31, 2008. In other words, if you buy a house today, you can claim credit on your 2008 taxes, you don’t have to wait a year to start collecting.
