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Increased income limit for $8000 first time credit becomes effective immediately or Dec 1st?

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I bought a home and close end Nov. I was not eligible for $8000 because of income cap, but I am eligible now after income cap has been raised. Will I be ok to claim the credit if I close Nov end. Or does the bill become law Dec1 or on Nov 6 (when Prez Obama signed it)?

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November 09 - Redmond

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Michael Emery, "MikeEmery"
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Michael Emery, "MikeEmery"

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The bill became law when the President signed the bill. Just ignore the old November 30th/December 1st date. Its just a date on a calender.

Good luck.

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November 09

redmondguy
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redmondguy

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Thank you Stan, this is very useful information.

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November 09

Stan Humphries, "Stan Humphries"
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Stan Humphries, "Stan Humphries"

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From a couple sources I've noted below, my read of the legislation is that the sale and purchase, generally completed at the time of closing on the purchase, must be after November 6, 2009 and on or before April 30, 2010 (or by June 30, 2010, provided a binding sales contract was in force by April 30, 2010).

Also, make sure that you and your home meet the other qualifications for the tax credit. Full guidelines are also available in the IRS link below.

Hope this helps.

IRS info site
NAHB info site

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November 09

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