TIMELY TOPICS- 

FIRST TIME HOMEBUYER TAX CREDIT: 

Great news!  Congress has passed a tax credit bill that allows First time homebuyers to receive a refundable tax credit of up to $8,000 for principal residence homes  purchased between January 1, 2009 and December 1, 2009. (Purchased means that the sale was finalized (closed) no later than December 1, 2009)  Any home purchased for $80,000 or more qualifies for the full $8,000 amount.  If the house cost less than $80,000, the credit will be 10% of the cost.

Only first-time homebuyers are eligible.  A person is considered  a first-time buyer if he/she has not had any ownership interest in a home in the three years previous to the day of the 2009 purchase. All U. S. Citizens who file taxes are eligible to participate in the Program.

Income restrictions are as follows: The income restriction is based on the filing status of the purchaser’s income tax return.  Individuals filing as “Single (or Head of Household) are eligible for the credit if their income is no more than $75,000.  Married couples filing a joint return may have income of no more than $150,000.  The income figure is the final number that appears on the bottom line of the front page of an IRS 1040. 

NOTE:   Individuals earning between $75,000 and $95,000 and Married Couples earning between $150,000 and $170,000 are eligible to receive a partial first time home buyer tax credit.   A credit is not available for single tax payers earning above $95,000 and married couples earning more than $170,000.

This is a Refundable Tax Credit – that means that if you pay less than $8,000 in federal income taxes, the Government will write you a check for the difference.  If you are already entitled to a refund, the $8,000 tax credit will be added to your refund.

There is a Payback Provision – If you sell the home purchased in 2009 within three years of purchase, the entire amount of credit is recaptured on sale.

For complete information regarding the tax credit log onto www.federalhousingtaxcredit.com or www.irs.gov.

         CARBON MONOXIDE ALARM LAW 

Effective January 1, 2009 the City of Philadelphia passed an ordinance requiring owners of all one and two family dwellings and small residential care/assisted living facilities to install carbon monoxide (CO) detection and alarm devices. 

What is Carbon Monoxide?  Carbon Monoxide is a highly toxic invisible gas, the product of incomplete combustion (burning) of wood and fossil fuels such as home heating fuel oil, natural gas, gasoline, kerosene and coal.  Major sources of CO in homes are from fuel burning(not electric) heaters, water heaters, fireplaces, wood burning stoves, gas clothing dryers and a vehicle running in a closed garage.  When not properly maintained or vented, CO can build up in a building.  Carbon monoxide is dangerous because it is a colorless, odorless, tasteless and non-irritating gas.  Breathing CO is harmful and could be fatal.  Warning signs of CO are headache, dizziness, fatigue, shortness of breath and nausea.

Either battery or electric alarms bearing the label of a nationally recognized testing laboratory (UL) Underwriters Laboratories, indicating they are appropriate for their intended us can be installed in existing buildings.  New buildings must have the CO alarms that are hard-wired to an un-switched circuit of the building’s electrical system and must be provided with battery back-up in case of power interruption.  There are various models which are appropriate for installation and the installation of a combination smoke and CO alarm is permitted.  CO alarms can be purchased at hardware stores, home improvement stores, large retail stores and some supermarkets.

The ordinance requires that Carbon monoxide alarms be installed with 15 feet  of the entrance of every bedroom or within 15 feet of a bed in sleeping areas where there is no enclosed bedroom.  They can be installed on walls or ceilings in accordance with the Manufacturer’s instructions.  Combination smoke and CO alarms must be installed in accordance with the Manufacturer’s instructions for smoke alarms.

If a CO alarm activates, remove everyone from the property, open windows, shut off the fuel supply and call a service company.  If  you do not know the cause of the activation of the alarm, remove everyone from the house and call the Fire Department (911).

For general questions regarding the CO Alarm Law – Call the City’s informational Call Center at 311.

For questions regarding enforcement of the CO alarm law, call the Department of Licenses and Inspections’ Housing Code Enforcement Unit at:

                        East Philadelphia Office                        215-685-3762

                        North Philadelphia Office                      215-685-3749

                        Northeast Philadelphia Office                215-685-3775

                        South Philadelphia Office                      215-685-3756

                        West Philadelphia Office                       215-685-3768