Here are the details of the tax credit extension/expansion that the House and Senate have passed (HR 3548)
- First-timers: Extend the $8,000 homebuyer tax credit to contracts signed by April 30 and closed by June 30. Previously was set to expire after Nov. 30. First-time homebuyer is defined as someone who has not owned a residence within the past three years.
- Existing owners: $6,500 credit for those who buy a home after living in their current house at least five of the last eight years.
- Extension: Contracts signed by April 30 and closed by June 30.
- Home requirement: principal residences priced at $800,000 or less.
- Income limits: Single $75K –>$125,000, Joint $150K–>$225,000 for joint filers.
- Cost: $10.8 billion over 10 years, according to the Joint Committee on Taxation.
The final step is el Presidente’s John Hancock on the bill, which the White House says will come tomorrow. Stay tuned…
Popularity: 7% [?]
`
November 6th, 2009 at 10:43 am
Exciting stuff. I know there are a lot of folks who see this extension as a negative - a la big government laying it on again in socialist fashion. But if used wisely, folks who can and should be purchasing homes stand to receive a huge financial shot in the arm from this.
November 6th, 2009 at 1:38 pm
Great job to RPAC for their work on getting this tax credit passed!