The Recovery Act invested millions in new projects that are improving our infrastructue, repairing homes, and much more. But it also provided millions in direct benefits for families, students, businesses, investors, and more including more than $288 million in various forms of tax relief. Guidance on how to access each of those benefits is below.
The Recovery Act included a tax credit for first-time homebuyers who purchased a primary residence during 2009, and the provision has been extended to April 2010 by subsequent legislation. The credit is valued at a maximum of $8,000, and unlike similar provisions that were enacted in the past this credit carries no repayment obligation. The credit would have to be repaid if the home is sold within three years, and it is phased out for taxpayers with adjusted gross income in excess of $75,000 ($150,000 in the case of a joint return).
