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Extending the first time home buyer tax credit AND adding repeat home buyer tax credit too
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Nov. 4, 2009. Senate vote: 98-0 to extend first time home buyer tax credit. Even better, there is the promise of tax credit for repeat buyers, too.
Received the text this afternoon.
Scrambled to find news articles. The best one I found was on Bloomberg. Headline: "Senate approves extended U.S. homebuyer tax credit"
Posted on Facebook.
Networked at a Chamber mixer. Shared news with other folks who haven't heard about it (yet).
Sent them link to Bloomberg news so that they, in turn, can spread the word.
Extension not passed yet...but with a Senate vote of 98-0 for it, it's almost a certainty that the House will follow suit. Then on for Obama's signature.
Scrambling to find details about this from other news sources.
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Barely mentioned in CNN.com under headline of "Senate extends unemployment benefits by up to 20 weeks...."
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And in Fox News, it's "Senate votes to extend benefts to jobless, homebuyers"
- MSNBC says "Jobless, homebuyer aid extensions advance"
Checked National Association of Realtors...not there yet? In the meantime....this list is enough. Time to inform my buyers. There is hope!
QUICK REVIEW
Although the complete details aren't available yet, here are the key provisions.
First time home buyer tax credit. Refer to FAQ for more details about the program as it is before the vote.
NEW Provisions that the Senate approved:
- Buyers must be in contract by April 30, 2010
- Buyers have 60 days from that day to close escrow to qualify for the tax credit
- Tax credit is $8,000 or UP TO 10% of purchase price
NEW! Repeat buyers tax credit
- Defined as homeowners who have lived in their residence for five years
- Tax credit is $6,500
IMPROVED: Qualifying income levels raised. But wait, there's more! The levels for the home buyers were increased! Good news, indeed.
- Individuals earning up to $125,000, up from $75,000 for individuals under the current law
- Couples earning up to $250,000, up from $150,000 under the current law'
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