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Now There's 7500 Reasons To Buy A Home

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Home buyers who have been considering purchasing a home recently received great news as a new Federal Tax Credit was put into effect, making now the perfect time to start looking for a first home.

The Housing and Economic Recovery Act of 2008 gives first time home buyers up to a $7,500 tax credit incentive to purchase a home between April 9th, 2008 and July 1st, 2009. Law makers offered the incentive to jump start entry buyers into communities. And unlike a tax deduction, which only saves a tax payer a partial amount, the Tax Credit program is a dollar for dollar reduction in federal taxes due, up to $7,500.

It’s recommended that buyers speak to a tax consultant for all the details and to see if they qualify for the credit.