What's up with the tax credit?

Real Estate Agent with Berkshire Hathaway HomeServices NJ Properties

Last night I posted with a question mark - because I just wasn't sure if the news about the tax credit was official.  Around 4:00 this afternoon, we received information from the NJ Association of Realtors (NCJAR) that clarified the buzz we've been hearing.  That message follows: 

"Within the past 72 hours, some misinformation regarding the extension and expansion of the first-time home buyer tax credit has been disseminated through various media outlets. As of today, no formal bill regarding an amended tax credit program has been passed. On Wednesday, October 28, 2009, Senate leaders reached a tentative agreement to extend and expand the federal first-time home buyers' tax credit originally set to expire November 30. While the method for passage remains uncertain, the deal would extend the $8,000 credit for first-time buyers until April 30, by which point they must have sales agreements in hand. These buyers would have until June 30, however, to go to settlement. The agreement would also provide a $6,500 credit for current homeowners who purchase a new residence in this time frame. To qualify, the homeowners must have lived in their primary residence for five continuous years. Qualifying income limits would also be raised to $125,000 for single taxpayers and $250,000 for joint taxpayers, from the current $75,000 and $150,000. The Senate has not yet agreed whether the extension will be put up for a vote as its own bill or in conjunction with other legislation. Once it passes the Senate, the measure must be voted on by the House and signed into law by President Obama."

Rest assured that I will keep you current on any information regarding the home buyer tax credit.  Check back frequently, or subscribe to my blog so the information comes right to you!  If you are considering a move, visit my webiste to search homes for sale in Basking Ridge.

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Comments (4)

Syreeta Saunders
Keller Williams Realty Centre - Randallstown, MD
Keys, MBA - The Keys2Day Team

I've been trying to educate people that the credit is not extended yet.  still has to go through an official vote of the full Senate and then to the House and then to the President's desk.  I'm just a bill yes I'm only a bill...:)

Oct 30, 2009 02:20 PM
Brian Kuhns
Coldwell Banker Roth Wehrly Graber - Fort Wayne, IN
Fort Wayne Real Estate by Brian Kuhns

thanks for reiterating the facts....too many people have taken the verbage that senate has "agreed" to certain proposals to mean that a bill has passed...just another reason why we as Agents need to make sure to get it right, not just get it first. Thanks for the post

Oct 30, 2009 02:22 PM
Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239
Real Estate One - Commerce, MI
Michigan homes for sale ~ yesmyrealtor@gmail.com

It's not for real until the Prez signs it.  So much can change in a short amount of time.

Oct 30, 2009 02:23 PM
Jim Cheney
Saint Francis Property Santa Rosa, CA - Santa Rosa, CA
Rincon Valley Realtor 707.494.1055

That's funny, a client today told me "They extended the credit and added $6500 for current homeowners".

Oct 30, 2009 03:40 PM