Nearly 34,000 Alabamians used homebuyer credit

MONTGOMERY, Ala. (AP) - The Internal Revenue Service says nearly 34,000 Alabamians have collected almost $237 million in homebuyer tax credits, but time to use the federal stimulus program is running out.

IRS spokesman Dan Boone said potential homebuyers must have a binding contract to purchase a home by April 30, and they must close on the home by June 30 to qualify for a homebuyer tax credit.

The tax credit program provides up to $8,000 for taxpayers if they are buying a new home for the first time or if they have not owned a home in the last three years.

(Copyright 2010 by The Associated Press. All Rights Reserved.)

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