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!