Anything less is second best.

 

 

WHATS HAPPENING IN BOONE COUNTY

 

Boone County Fourth of July calendar of event

JULY 2

Advance Fire Department Pork Chop Dinner

5 pm. at Lebanon Memorial Park Shelter House

 

One Night Stand Band (concert)

7-9 pm. Lebanon Memorial Park Bandstand

 

JULY 3

Fourth of July Decorated Bike Contest has also been set for July 3 at 6:30 p.m. at the Lebanon Memorial Park tennis courts.

Zonta Baked Potato Bar

5 pm. Lebanon Memorial Park Shelter

Blonde Sonja (concert)

7-9 pm. Lebanon Memorial Park Bandstand

 

JULY 4

Boone County 4th parade

2pm. Downtown Lebanon

Fireworks

10pm. Lebanon Middle School

 

ATTENTION POTENTIAL HOMBUYERS

 

$8000.00 Federal Tax Credit for

FIRST TIME HOME BUYER

Who is eligible?

Tax credit is available to first time home buyers for 10% of purchase price or up to $8000.00.

The law defines a first time home buyer as a buyer who has not owned a home during the past three years.

All U.S. citizens who file taxes are eligible to participate in this program.

 

Do any income limits exist?

Yes.  Home buyers who file as single head-of-household taxpayers can claim the full tax credit if their modified adjusted gross income (AGI) is less than $75,000.00.

For married couples filing a joint return, the income limit doubles to $150,000.00.

Single or head-of-household taxpayers who earn over $75,000.00 may be eligible to receive a partial first-time home buyer tax credit.

Married couple who earn over $150,000.00 may be eligible to receive a partial first-time homebuyer tax credit.

 

Are there payback provision?

No.  Unlike the Tax Credit enacted in 2008, the new credit does not have to be repaid.  Homeowners must use the home as a principal residence for at least three years or face recapture of the tax credit amount.  Certain exemptions apply.

 

What are the effective dates for the tax credit?

First-time home buyers would receive the tax credit for the purchase of any home on or after January 1, 2009 and before December 1, 2009.  To qualify, the home buyer must actually close on the sale of the home during this period.

 

What types of homes qualify for the tax credit?

All home types qualify, provided that the home will be used as a prncipal residence, and the buyer has not owned a home in the past three years.  This includes newly-constructed homes.

 

Refundable tax credit:What does this mean?

A refundable credit means that if you pay less than the tax credit's value in federal income taxes, then the government will write you a check for the difference.

                         If you are due to receive a tax refund from the government, your refund 

                         will increase by the amount of the tax credit.

 

                         Buyers can take advantage of the tax credit on their 2008 or 2009

                         tax returns on home purchased after January 1, 2009.

 

Can the tax credit be claimed in conjunctions with a mortgage revenue bond?

Yes, the tax credit can be combined with the MRB home buyer program.

 

Does a person who finance a first home in 2008 qualify for this credit?

No, but if the home was purchased between April 9, 2008 and January 1, 2009 they may qualify for the $7,500.00 federal tax credit of 2008.