On July 30, 2008, President Bush signed into law a housing stimulus bill that includes a tax credit of up to $8,000 for first-time home buyers. The newly enacted legislation is a boon for anyone seeking to purchase their first home. But buyers are urged to act quickly, as the tax credit only applies to homes purchased on or after April 9, 2008 and before July 1, 2009.

First time home buyers purchasing any kind of home—new or resale—are eligible for the tax credit. Income guidelines do apply to receive the full $8,000, but partial credit is available for those making more than the provision’s limit.

Here’s a quick overview of the facts:

• The credit is available for homes purchased on or after April 9, 2008 and before July 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.

For complete information about the new tax credit, including income guidelines and a list of frequently asked questions, visit http://www.federalhousingtaxcredit.com/.