The American Housing Rescue and Foreclosure Prevention Act of 2008, signed into law by President Bush July 30, contains numerous provisions designed to stabilize the housing market, including a well-publicized bailout of the quasi-governmental financial behemoths, Freddie Mac and Fannie Mae. Also included in the act is a refundable tax credit available to first-time homebuyers. The operative rules for this tax credit are contained in the new Section 36, added to the Internal Revenue Code by the act.
Under the act, an individual who is a first-time purchaser of a principal residence located in the United States is entitled to a tax credit equal to the lesser of 10 percent of the purchase price of the residence or $7,500 ($3,750 for married individuals filing separately).
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