New tax credit for homebuyers.

• Position: CalCPA News

First-time homebuyers should begin planning to take advantage of a new tax credit included in the recently enacted Housing and Economic Recovery Act of 2008. Available for a limited time only, the credit:

* Applies to home purchases after April 8, 2008, and before July 1, 2009.

* Reduces a taxpayer's tax bill or increases his or her refund, dollar for dollar.

* Is fully refundable, meaning that the credit will be paid to eligible taxpayers, even...