Legislation: homebuyer credit, NOL carrybacks extended; mandatory e-filing enacted.
Author | Nevius, Alistair M. |
Position | Net operating loss |
On November 6, President Obama signed the Worker, Homeownership, and Business Assistance Act of 2009, P.L. 111-92. In addition to its main provisions on unemployment compensation extension, the act contains a handful of tax provisions, all of which were added by the Senate and then agreed to without change by the House. These include changes to the first-time homebuyers' credit, increased NOL carrybacks for small businesses, and mandatory e-filing for most tax return preparers.
First-Time Homebuyers' Credit
The act extends and modifies the Sec. 36 homebuyers' credit, which was first introduced by the Housing Assistance Tax Act, P.L. 110-289, in 2008. The credit had been scheduled to expire December 1. Under the act, it is extended to May 1, 2010, and is modified so that taxpayers do not have to close on the house by that date but merely have entered into a binding contract by that date. To be eligible for the credit, taxpayers who have entered into a binding contract to purchase an eligible principal residence by May 1, 2010, must close before July 1, 2010.
In another major change, the credit is also modified to apply not just to first-time homebuyers. Under the act, taxpayers who have owned and lived in their former residence for five consecutive years out of the preceding eight years would be treated for purposes of the credit as first-time homebuyers. However, instead of the full $8,000 credit, such long-term residents would be eligible for only a $6,500 credit.
The act increases the income limitations for credit eligibility to $125,000 for individuals (and $250,000 for couples). It also introduces a purchase price limit: No first-time homebuyers' credit will be allowed for the purchase of any residence if the purchase price is more than $800,000. In addition, the act extends the...
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