Senate passes bill extending and EXPANDING tax credit for home buyers
Categories: Buying Real Estate, In The News, Real Estate News, Real Talk
hiFirst-time home buyers have been getting tax credits of up to $8,000 since January as part of the economic stimulus package enacted earlier this year. With the program scheduled to expire at the end of November, the Senate voted Wednesday to extend and expand the tax credit to include many buyers who already own homes.
Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500. First-time home buyers — or anyone who hasn’t owned a home in the last three years — would still get up to $8,000. To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30.
The House could vote on the bill as early as Thursday.
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