The American Recovery and Reinvestment Act of 2009: IRS Information Center
Information for Individuals & Businesses
The IRS is implementing the tax-related provisions of the American Recovery and Reinvestment Act of 2009 (ARRA) as quickly as possible. More information on these and other provisions of the recovery program will be available on this Web site as it becomes available.
Read more:
The American Recovery and Reinvestment Act of 2009: Information Center
First-Time Homebuyer Credit
Overview
First-time homebuyers may be able to take advantage of a tax credit for homes purchased in 2008 or 2009. The credit:
- Applies to purchases that close after April 8, 2008, and before Dec. 1, 2009.
- Applies only to homes used as a taxpayer's principal residence.
- Reduces a taxpayer's tax bill or increases his or her refund, dollar for dollar.
- Is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed.
Read more:
IRS: First-Time Homebuyer Credit
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