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Why is this tax credit better than a tax deduction?
The American Recovery and Reinvestment Act of 2009 provides for a tax credit, which is a dollar-for-dollar reduction of your tax obligation. It is not simply a deduction, which reduces the income for which you need to pay tax. If a qualified first-time home buyer would otherwise owe $8,000 in federal income taxes, this tax credit would reduce the amount owed to $0.
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