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President Set To Sign Home Buyer Tax Credit Extension
With the expiration of the first-time home buyer $8,000 tax credit set to expire in less than a month, the U.S. House of Representatives voted 403-12 yesterday to extend and expand the tax credit to include many buyers who already own homes.
The U.S. Senate approved the measure Wednesday, and the White House said the President would sign the bill today.
Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500. First-time home buyers, defined as anyone who hasn't owned a home in the last three years, would still get up to a $8,000 tax credit. To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30, 2010.
The latest extension is expected to be the last, according to press interviews with members of Congress.
The credit is available for the purchase of principal homes costing $800,000 or less, meaning vacation homes are ineligible. The credit would be phased out for individuals with annual incomes above $125,000 and for joint filers with incomes above $225,000. The previous income limits were $75,000 for individuals and $225,000 for joint filers.
For more information, visit MassHomeBuyerGuide.com.
The U.S. Senate approved the measure Wednesday, and the White House said the President would sign the bill today.
Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500. First-time home buyers, defined as anyone who hasn't owned a home in the last three years, would still get up to a $8,000 tax credit. To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30, 2010.
The latest extension is expected to be the last, according to press interviews with members of Congress.
The credit is available for the purchase of principal homes costing $800,000 or less, meaning vacation homes are ineligible. The credit would be phased out for individuals with annual incomes above $125,000 and for joint filers with incomes above $225,000. The previous income limits were $75,000 for individuals and $225,000 for joint filers.
For more information, visit MassHomeBuyerGuide.com.
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