At a glance:

·  The tax credit is for first-time home buyers only.

·  The tax credit does not have to be repaid (special provisions apply).

·  The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.

·  The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.

·  Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.

Read the FAQ's about this Bill here.