FEATURE

Jan 1 – Nov 30, 2009

Rules are enacted

February, 2009

Dec 1 – April 30, 2010

Rules as enacted

November, 2009

First Time Buyer-

Amount of Credit

$8000

($4000 married

filing separate)

$8000

($4000 married

Filing separate)

First-Time Buyer-

Definition for Eligibility

May not have had an interest in a principal residence for 3

years prior to purchase

Same

Current Homeowner-

Amount of Credit

No Provision

$6500

($3250 married

Filing separate)

Effective Date-

Current Owner

No Provision

Date of Enactment

Current Homeowner-

Definition for Eligibility

No Provision

Must have used the home

sold or being sold as a

Principal residence

consecutively for 5 of the previous 8 years

Termination of Credit

Purchases after

November 30, 2009

(becomes April 30, 2010 on Date of Enactment)

Purchases after

April 30, 2010

Binding Contract Rule

None

So long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close

Income Limits

(NOTE: Increased income limits are effective as of date of enactment of bill)

$75,000 – single

$150,000 – married

Additional $20,000 phase out

$125,000 – single

$225,000 – married

Additional $20,000 phase out

Limitation on Cost of

Purchased Home

None

$800,000

Effective Date of Enactment

Purchase by a Dependent

No Provision

Ineligible

Effective Date of Enactment

Anti-fraud Rule

None

Purchaser must attach

documentation of purchase to tax return