A new bill that would allow for a $6,500 tax credit for new home buyers passed the Senate and the House last week. The credits will apply to contracts entered into through April 30, 2010 and close before July 1, 2010.
The new bill will allow a $6,000 tax credit for first-time buyers. The current tax credit program is set to expire November 30. With the new bill, the income limits for home buyers have been raised, so both tax credits will be available to those individuals earning up to $125,000 (up from $75,000), or up to $250,000 (up from $150,000) for couples.
September housing sales slowed slowing in the housing market because buyers would not be able to close before the old deadline of November 30, 2009; and the government jumped on the chance to extend it.
Each state will receive a different set amount of money, earlier this year Utah received $8,000,000 in federal stimulus money for a first time home buyer tax credit, and $10,000,000 last year.
Click on the IRS.gov link here for more detailed information.
Source: IRS.gov
Related articles: Senate passes $6500 and $8000 tax credit for home buyers
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Comments
I'm so tired of poor people using my tax dollars to buy things they can't afford - in this case, a house. How about saving up and spending your own dang money for a change?
Poor people p*iss me off.
I promised a complete redistribution of wealth in America, and I mean to keep my promises!
And another thing, Frank..I've got my eye on you. Jerky
Why do you people always end up being so mean to each other? We should all get together and have dinner together...and then collect all of our stuff and redistribute them. It's the only way.
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