President Obama is expected to sign House Bill 3548 as amended today! (he did sign it)
I finally found a copy of the bill http://thomas.loc.gov/cgi-bin/query/D?c111:5:./temp/~c111AKbnXR::
Here are some of the key points that should be of interest to Realtors and Mortgage professionals:
This Act may be cited as the `Worker, Homeownership, and Business Assistance Act of 2009'
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- (6) EXCEPTION FOR LONG-TIME RESIDENTS OF SAME PRINCIPAL RESIDENCE- In the case of an individual (and, if married, such individual's spouse) who has owned and used the same residence as such individual's principal residence for any 5-consecutive-year period during the 8-year period ending on the date of the purchase of a subsequent principal residence, such individual shall be treated as a first-time homebuyer for purposes of this section with respect to the purchase of such subsequent residence.'.
- (D) SPECIAL RULE FOR LONG-TIME RESIDENTS OF SAME PRINCIPAL RESIDENCE- In the case of a taxpayer to whom a credit under subsection (a) is allowed by reason of subsection (c)(6), subparagraphs (A), (B), and (C) shall be applied by substituting `$6,500' for `$8,000' and `$3,250' for `$4,000'.'.
- INCOME LIMITATION- Subsection (b)(2)(A)(i)(II) of section 36 of such Code is amended by striking `$75,000 ($150,000) and inserting `$125,000 ($225,000)'.
- LIMITATION BASED ON PURCHASE PRICE- No credit shall be allowed under subsection (a) for the purchase of any residence if the purchase price of such residence exceeds $800,000.
- If you are working with our armed forces personnel, make sure to read up on the "SPECIAL RULE FOR MEMBERS OF THE ARMED FORCES"
Except as otherwise provided in this subsection, the amendments made by this section shall apply to purchases after the date of the enactment of this Act. (which as of the time of this blog, have not yet been signed by President Obama). I will amend this blog if another amendment occurs prior to his signature and/or upon his signature!
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