O.K. here is the latest that I know about the extension of the tax credit.
The Senate has tentatively agreed to the following:
1) Extend the current $8000.00 First Time Home Buyer Tax Credit to April 30th 2010. As long as a home is under contract by April 30th and closes by June 30th 2010 the First Time buyer would get the credit.
2) Raise the income limits to $125,000.00 for a single person and double that for a married couple.
3) Add a $6500.00 credit for existing home owners who have been in their current home 5 of the last 8 years as their primary residence.
However the House has several bills floating around and no action has been taken on any of them. The house will have to pass a bill of their own or possibly adopt the Senate version (assuming it actually passes) before it could be sent to the President to be signed into law.
One hold up is the IRS. The IRS has to find a way to insure there is no opportunity for Fraud with the tax credit.
Another hold up is the house is waiting to see what impact the current tax credit had on the economy.
Bottom line is we aren't there yet, for those who want an extension of the tax credit. It looks like it may be weeks yet before we know anything for sure.
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