SORRY, The Deadline for this Tax Credit has Passed

US Senate Adopts Extension of
Home Buyer Tax Credit

By a vote of 98-0, the United States Senate adopted an extension of the home buyer tax credit which was due to expire on December 1. The extension runs until June 30, 2010. The tax credit applies to purchasers of manufactured homes, including both 'home only' and 'land/home' transactions. First-time homebuyers may claim a credit of up to $8000 if their annual income is less than $125,000 for individuals, and less than $225,000 for couples. In addition, the plan would allow a $6,500 tax credit for move-up home buyers who purchase a primary residence if they owned their current home for at least 5 consecutive years in the previous 8 years. The House is expected to pass the bill today or tomorrow, and President Obama is expected to sign the extension into law this weekend (November 13-15, 2009).

In an effort to combat fraudulent activities, the legislation requires taxpayers to include a settlement statement with their tax returns as proof of purchase. Manufactured housing 'home-only' transactions typically involve a retail sales contract instead of a HUD-1 settlement statement. MHI, with strong assistance from the Arkansas and Florida Manufactured Housing Associations, engineered a floor colloquy among three key Senators on the Senate floor which clarifies that retail sales contracts for home only manufactured home transactions, in lieu of settlement statements, will be acceptable to the IRS as proof of purchase. These Senators included Finance Committee Chairman Max Baucus (D-MT), as well as Finance Committee Members Bill Nelson (D-FL) and Blanche Lincoln (D-AR).

This represents a huge victory for MHI and its members. Starting with the MHI Summer Meeting in Washington last June, MHI members have been communicating to their Members of Congress the importance of the home buyer tax credit to our industry and the necessity of extending it. Hopefully, the extension of the tax credit through the middle of next year will encourage home buyers to purchase manufactured homes in significant numbers.

Source: MHI

For more details from Factory Direct Homes
on the Home Buyer Tax Credit
Phone 800-648-4200 before June 30, 2010

More home buyers, not just first-timers, can get tax credit
(USA Today)