Business Incubator Labs

Growing Businesses Electronically For Over 20 Years

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Taxpayers who purchased a principal residence April 9th, 2008 through June 30th, 2009 who have not owned a principal residence in the previous three years may claim a refundable credit equal to 10% of the purchase price. The maximum credit is $7,500 ($3,750 MFS). Eligibility for the credit phases out for modified AGI between $75k-$95k ($150k-$170k mfj). The credit is repaid in 15 equal installments starting in 2010; repayment is accelerated if the home is sold or no longer used as a principal residence.

thomas duffy
o 860-350-4440
c 203-775-9999

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