Thursday, November 05, 2009
Posted by Ken on 11/05/2009 10:55:00 PM
After the Senate's approval yesterday (98-0) of the extended homebuyer tax credit, the House followed suit and passed H.R. 3548, which includes a tax credit amendment, putting the bill in the lap of President Obama who is expected to sign it into law. The bill extends the tax credit and widen its breadth to include more buyers, who now have until April to dither.
The new law will extend the $8,000 credit for first-time homebuyers who contract for a property by April 30, 2010 and settle by July 1. Unlike the current law, homebuyers that are not first-timers will get a $6500 federal tax credit, and raise the qualifying income from $75,000 to $125,000 for singles and from $150,000 to $225,000 for couples. In a small dose of fiscal restraint, Congress this time around capped the purchase price at $800,000.