The first-time home buyer tax credit has helped a lot of families across the nation in purchasing a home this year, but it is set to expire at the end of this month. There is a bill going through congress this week, and has already been unanimously agreed upon by the Senate (next — possibly today, the House, then the President), that proposes extending the tax credit, and changing it a bit.
Here are the basics of this new bill according to the LA Times:
- Both first-timers and existing homeowners would be able to take advantage of the expanded program through the end of April.
- The measure would continue giving an $8,000 tax credit to first-time buyers and would provide a $6,500 tax break to qualified homeowners looking to move up to middle-market homes that cost no more than $800,000.
- The legislation would raise the qualifying income levels to $125,000 for individual income tax filers and to $225,000 for joint filers.
We’ll keep you posted on what comes of this news… so stay tuned!
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2 responses so far ↓
1 The New Tax Credit Passed By Congress With Flying Colors! // Nov 6, 2009 at 7:08 am
[...] about ← Could The $8,000 Tax Credit Be Extended? [...]
2 Extended Home Buyer Tax Credit: Signed, Sealed, Delivered // Nov 9, 2009 at 8:04 am
[...] already gone over some of the major changes to the credit, but here they are [...]
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