Could The $8,000 Tax Credit Be Extended?

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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About Lisa Oates

Lisa is the creative mind behind The Harrisonburg Homes Team, providing streamlined content management, quality authorship, and graphic design for Harrisonblog. She's passionate about blogging, enjoying life, and a good cup of coffee.

2 thoughts on “Could The $8,000 Tax Credit Be Extended?

  1. Pingback: The New Tax Credit Passed By Congress With Flying Colors!

  2. Pingback: Extended Home Buyer Tax Credit: Signed, Sealed, Delivered

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