WASHINGTON, D.C. – February 8, 2010 – (RealEstateRama) — U.S. Senator Byron Dorgan (D-N.D.) said today that 3,400 North Dakotans have used the First Time Homebuyer Tax Credit passed last year by Congress as part of a major economic recovery bill.
The tax credit, which was recently extended, has saved $23.3 million for North Dakotans, according to data provided to Dorgan’s office by the Internal Revenue Service.
“Buying a home is part of the American dream,” Dorgan said. “And this provision has helped many North Dakotans achieve this goal during a national recession, giving a boost to the local and national economy.”
A tax credit of up to $8,000 is currently available to low- and middle-income first-time homebuyers. There’s also a new homebuyer tax credit of up to $6,500 for qualifying homebuyers who have owned their current homes for at least five years. To qualify, both groups of new buyers will have to sign a purchase agreement by April 30, 2010, and close by June 30.
More information about the First Time Homebuyer Tax Credit can be found on the Internet at www.irs.gov.
