Congress Passes Homebuyer Tax Credit Extention

The first-time home buyer tax credit extension and expansion has won Congressional approval and is on its way to President Barack Obama.

He’s expected to sign the measure as early as tomorrow.

The U.S. House of Representatives, this morning, voted 403 to 12 to pass the measure, following Senate  approval yesterday.

The extension and expansion of the popular first-time home buyers tax credit gives both new and move-up buyers a tax incentive to buy a home until at least April 30, 2010.

The new tax credit extends the existing credit for first-time homebuyers, worth up to $8,000, and offers a new credit of up to $6,500 for some existing homeowners.

The reduced credit for existing homeowners is available to those who have been in their current residence for a consecutive five-year period.

The new rule also raises the qualifying income limits to $125,000 for single taxpayers and $225,000 for joint taxpayers, from the current $75,000 and $150,000.

A home buyer must have a sale agreement in hand by April 30 and close escrow by June 30, 2010.

 

Brent Diebert

The Arlington Bank

BrentDiebert@ArlingtonBank.com

614-571-3554

 

 

 

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