| Florida Home Buyer Tax Credit Extension makes it | | | | The new law includes some notable updates, |
| through Congress | | | | however. |
| | | | | For one, the definition of Florida “first-time home |
| November 1, 2009 | | | | buyer” has been expanded to include most |
| For Florida homebuyers this is great news! Congress | | | | homeowners with at least 5 years in their current |
| both extended and expanded the First-Time Home | | | | Florida home. “Move-up” buyers like these are |
| Buyer Tax Credit program Thursday for Florida | | | | now eligible for IRS tax credits, but with a cap gain at |
| homebuyers. | | | | $6,500. |
| The White House says the President will sign it into | | | | This means that you don’t have to be a true |
| law. | | | | Florida first-time home buyer to claim the “Florida |
| The up-to-$8000 tax credit’s expiration date has | | | | first-time home buyer tax credit”. |
| been pushed forward to spring, requiring Florida | | | | Other eligibility changes include: |
| homebuyers to be under contract before April 30, | | | | - The Florida homes sales price may not exceed |
| 2010, to take advantage and to be closed by June 30, | | | | $800,000 |
| 2010. | | | | - The Florida home must be a primary residence |
| The program’s basic eligibility requirements remain | | | | - Income thresholds raised to $125,000 for single-filers |
| the same: | | | | and $225,500 for joint-filer |
| - Florida Buyers can’t purchase the home from a | | | | And remember, the Florida First-Time Home Buyer |
| parent, spouse, or child | | | | program grants a tax credit as opposed to a |
| - Florida Buyers can’t purchase the home from an | | | | deduction. This means that a tax filer would receive a |
| entity in which they’re a majority owner | | | | cash payment of $2,000 from the U.S. Treasury if his |
| - Florida Buyers can’t acquire the home by gift or | | | | “normal” tax liability totals $6,000 and he was |
| inheritance | | | | eligible for all $8,000 available under the new tax credit |
| - All parties to the Florida purchase must meet eligibility | | | | law. |
| requirements | | | | |