$8,000 Homebuyer Tax Credit Is Almost Done!
$8,000 Homebuyer Tax Credit Is Almost Done!
While nothing has been finalized quite yet, I wanted to keep you posted on the latest information available on the $8,000 homebuyer tax credit extension/expansion. As of this morning, the House of Representatives has approved legislation that would extend AND expand the $8,000 Homebuyer Tax Credit. The House vote comes after the Senate voted yes on Monday night and while there is more work to be done, word on the street is that an agreed upon bill should reach the President for his signature by the end of this week. Here’s what has been agreed upon so far:
Under the proposal, individuals with income up to $125,000 a year and couples earning up to $225,000 would be eligible for the credit. The extension would cover homes under contract by April 30th and closed by June 30th, 2010. The $8,000 Homebuyer Tax Credit would also be expanded to non-first time homebuyers as well. There are a few tweaks for these folks though; the homebuyer tax credit would be reduced to $6,500 from $8,000 AND they must have owned a home for at least five of the past eight years.
Please remember, this is NOT final and even if it is approved, changes could still be made at the last minute. As soon as the final bill has been approved and signed off on, I will let you know here at www.azhomebuyercoach.com
Bob Mangold
(602) 291-4362
November 19th, 2009 at 2:14 pm
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