First-Time Homebuyer Tax Credit – Extended and Expanded?
posted in Government Services, Smyrna Vinings Real Estate |Welcome back!
While many debate the merit of the first-time homebuyer tax credit, it appears that Senate leaders have come to a tentative deal to not only extend the first-time homebuyers’ tax credit that was originally passed earlier this year, but also to expand it to current homeowners who want to move.
The latest version calls for the credit to be offered on home purchases under contract by April 30th, 2010 and closed by June 30th, 2010. The plan also calls for increasing the income limitations to $125,000 for an individual and $250,000 for couples, up from $75,000 and $150,000 under the current program.
The current proposal also targets the “move-up” buyers or individuals who have lived in their current home for five or more years. The tax credit for the move-up homebuyers would have the maximum of $6500.
More than 1.2 million borrowers through October 9th have claimed almost $8.5 billion of the $13.6 billion set aside for first- time homebuyer tax credits this year, according to U.S. Treasury data.
This is still very preliminary, but just wanted to keep everyone up to speed on this.
As politicians love to do, this measure is expected to be added as part of a bill to extend unemployment benefits, among other things. That measure has been a point of disagreement for some time. So we’ll have to wait and see where this goes, but we’ll keep you posted.
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