Tax Credit Extension Alert!

Posted by JasonB on November 6, 2009

With November 30 just around the corner, there has been a lot of media talk about a possible extension to the $8,000 First Time Home Buyer Tax Credit.  As apart of a new $24 billion economic stimulus package, the Senate approved a bill on Wednesday that would extend and expand the current tax credit.  The House voted 403-12 on Thursday, and President Barak Obama has his pen in hand, ready to sign off.   The extension will include pushing the tax credit’s December 1 expiration date to April 30, 2010, and close by June 30.  In addition to the extension, the program includes a $6,500 tax credit to prospective homebuyers who have owned a home for 5 of the last 8 years.  Income limits will also be increased, from the current $75,000 and $150,000, to $125,000 for singles and $250,000 for couples.  The credit phases out for people making more than those amounts.

We’ll be keeping our eyes on Washington throughout the day for official word.  Stay tuned!