First-time home buyers in Rhode Island can now get a tax credit equal to 10% of their home’s purchase price, up to a maximum of $8,000.
The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
A first-time home buyer is defined as a buyer who has not owned a principle residence during the last three years prior to the purchase.
Any home that will be used as a principle residence will qualify for the credit. This includes single family detached homes, townhouses, condominiums, manufactured homes (also know as mobile homes) and houseboats.
Single tax payers with income up to $75,000 and married couples with income up to $150,000 qualify for the full tax credit.
The tax credit does not have to be repaid. However, home buyers must use the residence as their principle residence for at least three years or face recapture of the tax credit amount. Certain restrictions apply.
For more information, please visit http://federalhousingtaxcredit.com/2009
It is strongly recommended that if you have any additional questions, that you consult your tax advisor.
Lynda Mckenzie
RI license#137627/NMLS#137627
Direct: 401-524-9796
E-mail: lmckenzie@guaranteedrate.com
Web: http://www.guaranteedrate.com/lyndamckenzie
RI Licensed- 20102682LL
*This is not an offer to lend. 
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