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What does it mean when the Act describes this as a "refundable" tax credit?
The tax credit provided by the 2009 American Recovery and Reinvestment Act can be claimed even by those who have little or no federal income tax liability. So, a first-time home buyer who qualified for the full $8,000 tax credit, but owed Federal income tax of only $5,000, would receive a check for $3,000.
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