Homebuyer tax credit update: Almost official!-***Reported by AP to be signed!

By
Real Estate Agent with Amy Jones Photo

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.

Posted by

Amy Jones, ABR

JonesSellsHomes.net 

985-807-3146  Amy@JonesSellsHomes.net

RealTeam
Keller Williams Realty Services, 1522 West Causeway Approach, Mandeville, La 70471 USA, 985-727-7000, Each office independently owned and operated. Information deemed reliable, not guaranteed.Salesperson & Broker Licensed in the state of Lousiana

 

Comments (4)

Terry Lynch
LAR Notary and Closing Services - Saint Clair Shores, MI

The president has said many times he will sign this, but Murphys Law can always rear it's ugly head.

Nov 06, 2009 04:05 AM
Amy Jones
Amy Jones Photo - Mandeville, LA
(licensed in LA)

I'm one of those people who doesn't consider it done until it's done! Even if I have a closing scheduled that is completely smooth, until I have the check in hand, I don't count on it! I think positive.

There were lots of rumors before the first credit that didn't pan out. This one is 99% there. I'm at least at the point that what's written is correct and not rumors.

Nov 06, 2009 04:13 AM
Toula Rosebrock
Diane Turton, Realtors, Forked River, NJ - Lacey Township, NJ
Broker/Sales Associate, Realtor, Lacey Township,

www.ToulaRosebrock.comHi Amy:

I guess we all posted something about this!

Mine outlined the differences.   Here is my post

Nov 06, 2009 06:49 AM
Jim Frimmer
HomeSmart Realty West - San Diego, CA
Realtor & CDPE, Mission Valley specialist

I read where the House vote had 12 naysayers. I'd love to know who they were and where they were from, although I suspect I know.

Nov 07, 2009 02:22 PM

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