Measure extending first time homebuyer credit expected to be signed by the President this Friday.
The House passed the measure to extend and expand the first time homebuyer tax credit today by a vote 403 to 12, following the Senate’s unanimous approval yesterday. The measure now heads to President Obama’s desk, who is expected to sign it tomorrow (Friday).
This new measure extends the existing $8,000 credit for first time homebuyers and adds an additional credit of $6,500 for move-up buyers who have owned their current homes for 5 years or more. The deadline for these credits is now June 20, 2010 for homes that have purchase agreements in place by April 30, 2010. Taxpayers may claim their credit for 2010 purchases on their 2009 tax returns, and they don’t need to repay any portion of this credit if the home remains as their primary residence for at least 3 years.
For more details on the first-time and move-up homebuyers tax credits, go here.
11. November 2009 at 3:54 pm
This tax credit has been extended into 2010 and has had some beneficial changes such as increased income limits, and the incentive for move up buyers takes effect before the new year.
11. November 2009 at 4:00 pm
Hi, Jerod! Yes, I am aware that the tax credit has been approved through mid-2010. It was also expanded to include move-up homebuyers. See the newer post .
Linda