U.S. Senate Passes Expansion of Home Buyer Tax Credit
But It's Not Over!
The U.S. Senate has just passed the bill that included the provisions to extend AND expand the Home Buyer Tax Credit. The vote was 98-0. But, it’s not over yet! The bill will immediately be referred to the US House and they have to take one final vote. The U.S. House could vote as early as today and President Obama could see the bill on his desk as early as Friday. The US House plans to work thru the weekend so there is a chance that it could slip a few days. Our hope is that the U.S. House will vote on the bill AS PASSED by the Senate and not make any changes. If they make even the slightest change the bill will have to go back to the Senate for yet another vote. If you know anyone who has not responded to the current NAR call to action send them this link: http://www.realtoractioncenter.com/ The Extended and Expanded Tax Credit agreement in the US Senate includes the following provisions Amount: $8,000 Who: First-time homebuyers -- same definition as current law Amount: $6,500 Who: Repeat purchasers. Must have used previous home as a principal residence for 5 of the 8 previous years. Income Limits: $125,000 for single filers/$225,000 for joint filers. Same for both first-time and repeat/move-up buyers Time Frame: December 1, 2009 to April 30, 2010 (also includes a 60 Day extension if binding contract is in place by April 30, 2010) *Limitation on cost purchased home: $800,000 *Anti-fraud measures have been added.
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