Housing Tax credits are a decrease in the amount of Federal Income Tax that you owe that is based on your tax bracket. This tax credit is available for first time home buyers. A tax credit is a dollar for dollar decrease in the amount of tax that you owe. Obama's 8000 tax credit is dollar for dollar off of your personal income taxes.
A tax deduction will reduce the amount of your income that is taxable by the IRS or the state. It is not dollar for dollar like a tax credit.
Tax Credit Information
Pennsylvania Tax Credit
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