Well, we are almost there! The Senate is set to vote on the bill that will extend the tax credit until April of 2010. The vote, which is scheduled to take place this week, would not only extend the deadline for signed purchase agreements, it would also offer a credit to move up buyers who fit into certain limits.
As it is with government, nothing is every straight forward. The amendment extending the tax credit is attached to a larger bill that offers an extension of unemployment benefits along with new requirements for some tax return preparers and a few other stipulations.
The bill and its amendments is going up for vote in the Senate this week and, if approved, will move to the House and finally to President Obama. The White House has implied that the President will approve the legislation.
The amendments to the bill will include the following provisions:
• An $8,000 tax credit for first time homebuyers who have signed purchase agreements by April 30, 2010 and will close on the property by June 30, 2010.
• A NEW $6,500 tax credit for move-up buyers who December 1, 2009 and May 1, 2010. These buyers must have owned and lived in their home for a consecutive 5 of the last 8 years.
• The income limit will be expanded to $125,000 for singles and $225,000 for joint returns.
If you have any questions regarding the information above, please contact us and we'll be glad to fill you in!
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