New tax bill signed by President

Provisions of H.R. 3548, the Worker, Homeownership, and Business Assistance Act of 2009, include:

• An extension of the First-Time Homebuyer Credit with these changes (all effective after November 6, 2009):
• The credit is for first-time homebuyers who purchase their homes before July 1, 2010, if there's a binding contract in place before May 1, 2010;
• There is an increase in the AGI limitations;
• The purchase price is limited to $800,000;
• A credit is available of up to $6,500 for purchase of principal residence by an individual who has owned and maintained the same principal residence for any five consecutive years during the eight-year period preceding the date of purchase; and
• New anti-abuse provisions have been added.
• Five-year carryback of NOLs extended to include 2009 NOLs and broadened to include most businesses, not just small businesses; and
• Mandatory e-filing of individual and estate and trust returns for returns filed by tax return preparers after December 31, 2010.