- Retention of Bush-era tax brackets through the 2011 and 2012 tax years;
- Retention of the capital gains tax rate of 15 percent for assets sold or disposed of during 2011 and 2012;
- Reduction of payroll taxes for employees and self-employed individuals during 2011;
- Extension of numerous energy efficiency credits through December 31, 2011, including: the Energy Efficient New Homes, Energy Efficient Existing Homes, and Energy Efficient Buildings credits.
First Time Buyer Tax Credit
Congratulations! Congress has increased the homebuyer tax credit to $8,000 and has made several improvements concerning this credit. This bill provides for an $8,000 tax credit that would available for first time home buyers for the purchase of an owner occupied residence on or after January 1, 2009 and before December 1, 2009 and the best news is that this credit does not require repayment. The credit will be claimed on a tax return to reduce the buyers income tax liability. If any credit remains unused, then the unused amount will be refunded as a check to the purchaser.
(Article Courtesy of Peabody&Lynnfield Weekly News-March 5, 2009)