Senate Approves Tax-Credit Extension

Posted by Orb Staff on November 05, 2009 No Comments
Categories : Residential Mortgage

The Senate approved extension of the $8,000 first-time home buyer tax credit Wednesday as part of a broader bill that includes unemployment benefits provisions, the Washington Post reports.

In addition to extending the first-time home buyer credit for sales signed by April 30, 2010, and closed by June 30, the Senate voted in favor of a $6,500 tax credit for homeowners who buy a new primary residence. To qualify for the latter credit, homeowners must have owned their current homes for at least five consecutive years in the last eight years.

The credits, if approved by the House and signed by President Obama, would be limited to homes costing less than $800,000 and to home buyers with incomes of up to $125,000 for a single tax return or $225,000 for a joint return.

According to House Majority Leader Steny H. Hoyer, D-Md., the bill should reach the House floor by Thursday, the Post reports.

SOURCE: Washington Post

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