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The Senate Passes the Homebuyer Tax Credit Extension
The Senate Passes the Homebuyer Tax Credit Extension
The Senate voted 98 to 0 Wednesday night to extend the $8,000 first-time homebuyer tax credit until April 30, 2010.
The legislation will also expand the tax credit to include home buyers who are buying their second or subsequent home. The tax credit for existing or past homeowners will apply only to those who have owned and lived in their primary home for at least five of the last eight years. The tax credit for these homebuyers will be capped at $6,500.
Income limits will be increased from the current limits of $75,000 for a single purchaser and $150,000 for couples to $125,000 for a single purchaser and $225,000 for couples. Diminishing tax credits will be available for those who earn more.
It's important to note that the revised and expanded homebuyer tax credit is not yet available. The House still has to vote on and pass the measure, and the president will have to sign the legislation before it is enacted. The House is expected to vote on the bill before the end of this week.
The Senate voted 98 to 0 Wednesday night to extend the $8,000 first-time homebuyer tax credit until April 30, 2010.
The legislation will also expand the tax credit to include home buyers who are buying their second or subsequent home. The tax credit for existing or past homeowners will apply only to those who have owned and lived in their primary home for at least five of the last eight years. The tax credit for these homebuyers will be capped at $6,500.
Income limits will be increased from the current limits of $75,000 for a single purchaser and $150,000 for couples to $125,000 for a single purchaser and $225,000 for couples. Diminishing tax credits will be available for those who earn more.
It's important to note that the revised and expanded homebuyer tax credit is not yet available. The House still has to vote on and pass the measure, and the president will have to sign the legislation before it is enacted. The House is expected to vote on the bill before the end of this week.
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Comment by Andrew Firger on November 5, 2009 at 12:39pm - Let's hope the House and Obama pass this bill. It would be a big win for the Real Estate industry. Thank you for posting.
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