The current version of the American Recovery and Reinvestment Act of 2009 weighs in at 680 pages.
I thought the original incarnation of the tax credit only applied to first time home buyers. Apparently this amendment applies to any home buyer.
The Senate has voted to award anybody buying a home this year a tax credit worth up to $15,000 in hopes of jump-starting the sagging housing market. The homebuyer tax credit offered by GOP Sen. Johnny Isakson would apply to any home purchased as a main residence and would cost taxpayers $35 Billion
It’s my understanding that the bill refers to “homebuyers”, not just “First time homebuyers” so it’s probably safe to say this amendment applies to all buyers regardless of your income.
My interpretation of this amendment also shows that the tax credit only has to be repaid if within 24 months of purchase, the home is sold or if the taxpayer fails to occupy the home as their principal residence.
Are my thoughts correct?