I have been reluctant to post any information regarding an extention of the tax credit. The cliche- don't count your chickens before they hatch comes to mind. As of now, the credit has not been signed, but has passed. Now is a good time to review the old school house rock songs!
Congress passed the Unemployment Insurance bill on November 5. The bill included the homebuyer tax credit. It is now being sent to President Obama for his signature.
A few of the main features include an extension of the first time homebuyer $8000 tax credit through April 30, 2010, income limit increases of $125,000 single or $225,000 married, and a $6500 credit through April 30, 2010 for current homeowners who have consecutively maintained the home they want to sell as their primary residence for five of the last eight years. The are some other additions as well.
The National Association of REALTORS has put together a table showing the comparisons of the current tax credit and the tax credit extension. Please feel free to contact me for additional information.
Update on my update ;o) According to Associated pess reporter Jim Abrams, the bill has been signed. The bill is H.R. 3548.