The U.S. Senate finally voted Wednesday on the bill to extend aid for the unemployed and to extend the tax credit for home buyers plus include current buyers. (Please see details)
The vote was 98 to 0 through the Senate. The House of Representatives is expected to vote as soon as Thursday then the bill will be sent to President Barack Obama to sign into law. *Let's Keep Our Fingers Crossed!*
Homebuyer's Tax Credit
The bill extends the $8,000 tax credit for first-time homebuyers until April 30. That bill will also include homebuyers that have owned a home for at least five years to be eligible for a $6,500 credit if they move.
The tax credit will not be extended past April 30.
Small Business Tax Credit
The bill will also allow businesses to get a break on their tax bills by applying losses from 2008 or 2009 to recover taxes paid in prior years when the economy was booming. This tax credit only applies to small businesses.
The bill gives unemployment benefits an additional 14 weeks. Those in high unemployment states could receive up to six more weeks on top of that.
***As always please verify with your Tax Accountant that you qualify for the Home buyer's & Small Business Tax Credits.***
~~Still waiting on The House of Representatives to vote & President Obama to sign.~~