The extension of the Homebuyer Tax Credit is seeming more and more probable. The Senate has been in negotiation on an agreement regarding the expansion and extension of this important issue and an agreement has been reached!. The extension is part of a larger bill that has not yet gone to a vote, however.
A Senate vote on the larger bill will happen in the Senate during the 1st week of November, 2009. The package will then go back to the House. The House is expected to accept the Senate amendments, vote on the package and send it to the President for signature. The underlying bill is an extension of unemployment benefits and other issues.
In this Homebuyer Federal Tax Credit part of the bill, funding will be available for Home purchases up to May 1, 2010. Home Buyers who have ratified/binding contracts in place as of April 30, 2010 will be allowed an additional 60 days to complete the transaction.
The Homebuyers Federal Tax Credit remains at $8,000 for first-time Homebuyers and Homebuyers who have not owned a Home in the past 3 years.
In addition their is a new $6,500 tax credit for repeat Homebuyers who purchase between December 1, 2009 and May 1, 2010. Repeat buyers must have lived in their Homes consecutively for five of the previous eight years.
Income limits are expanded to $125,000 on a single return and $225,000 on a joint return.
As a result of a significant amount of fradulent reporting with the initial Homebuyers Federal Tax Credit new anti-fraud limitations are imposed in the new bill. The White House has signaled that the President will sign the legislation.
It is not official official yet but it looks like this will pass into law in November!
Va Beach Jim
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