Senate Approves Homebuyers Taxcredit Extension plus New Rules

By
Real Estate Agent with Weichert, Realtors® - TEG

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.

Unemployment Benefits

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.~~

Thank you!

Angie Raetz, Realtor®

Frontage Realty, LLC

Cell: 256-503-2981

Home fax: 256-325-3622

angieraetz@knology.net

www.AngieRaetz.com

www.facebook.com/angieraetz

Comments (6)

Janice Roosevelt
Keller Williams Brandywine Valley - West Chester, PA
OICP ABR, ePRO,Ecobroker

Angie, thanks for the important update

Nov 04, 2009 10:01 PM
Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Now it still needs to go through the House and be signed into Law.  I'm going to wait to publish any news until I see the final version.

Nov 04, 2009 10:03 PM
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

Appreciate the update Angie...hang on you are on your way to a re-blog !

Nov 04, 2009 10:03 PM
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

Appreciate the update Angie...hang on you are on your way to a re-blog !

Nov 04, 2009 10:03 PM
Pat O'Reilly
RE/MAX..214-289-6176 Irving and all of Dallas Fort Worth - Irving, TX

Thats good news. This should get the housing market rolling...

Nov 04, 2009 10:15 PM
Delete Acct Desert Communities
Palm Desert, CA

Thanks for the updated information we have been waiting for!

Nov 04, 2009 10:56 PM