[quote=eagleeye][
Although, I haven’t found the text of the bill, from what I have read it says this tax credit can be claimed on 2008 tax returns. If that is the case how can it only apply to 2009 purchases? I read it to encompass the same start date as the 1st-time $7500 tax break which this bill will now supercede. Does anyone have any more specific info?

[/quote]

It does contain the provision that any home purchased which qualifies under the plan can be considered to have been purchased on 12/31/2008 for purposes of claiming the credit (12/31/2008 is considered the “start date” for the new credit).

This is no different from the previous $7500 repayable credit, which also allowed you to claim it for 2008 even if you bought the property in the 2009 year (though, of course, should this bill pass, anyone who bought in 2009 would be eligible for the 15K version, so it’s a moot point now).

Essentially, they’re allowing anyone who buys a home at any point during this year to claim the refund pretty much immediately. If you buy the home towards the end of the year, you could claim it on next years taxes, or file an amendment to this years taxes to claim it immediately. I would guess the only reason to wait til the next year would be if one is allergic to paperwork (though, knowing the IRS, that’s probably understandable).