In a unanimous Senate vote last night, a bill allowing a $6,500 and an $8,000 tax credit for new home buyers was passed. The credits would apply to contracts entered into through April 30, 2010 and closed before July 1, 2010.
The House may take up the measure today, which would extend the $8,000 credit for first-time buyers that will expire November 30, and give a credit of up to $6,500 for repeat buyers who have lived in their home for five years or more.
The income limits for home buyers have been raised, so both tax credits will be available to those individuals earning up to $125,000 (currently set at $75,000), or up to $250,000 (currently set at $150,000) for couples.
This extension comes as September housing numbers were released and showed slowing in the housing market because buyers would not be able to close before the November 30, 2009 previously set deadline.
Each state will receive a different set amount of money, earlier this year Utah received $8,000,000 in federal stimulus money for first time home buyer tax credit, and $10,000,000 last year.
In the next few days, IRS.gov is expected to have more information.
Source: CBS Money Watch and Associated Press
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