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Besides extending the $8,000 tax credit for first time home buyers until April 2010, the Act also provides a $6,500 tax credit for current homeowners who purchase a home between November 6, 2009 and end of April 2010. [7] The Act also increases the income limits to qualify for the credit.
On January 6, 2009, Congressman Chaka Fattah introduced H.R.106, The American Opportunity Tax Credit Act of 2009. [3] In brief, the proposed act specified Any full-time college or university student is eligible. According to the IRS, the American Opportunity Credit cannot be taken by a taxpayer if he has a felony drug conviction.
$15 billion: Expansion of child tax credit: A $1,000 credit to more families (even those that do not make enough money to pay income taxes). $14 billion: Expanded college credit to provide a $2,500 expanded tax credit for college tuition and related expenses for 2009 and 2010. The credit is phased out for couples making more than $160,000.
The first time home buyer tax credit has officially been extended. If you're an existing home owner you may also qualify for the tax credit if you're planning on buying a new house! Check out this ...
The tax-credit extension had been attached to a large stimulus package including business. While the home tax credit extension looks dead, it's probably just on life support and may be revived by ...
Congress has extended the deadline for homebuyers desperate to take advantage of a popular tax credit. Homebuyers with contracts signed by April 30 who failed to close by the June 30 deadline will ...
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