Congress passes Extension for Homebuyer Tax Credit

first-time-homebuyer-tax-credit

Congress has overwhelmingly passed a bill, with the House of Representatives passing it today and the Senate passing it on Wednesday, that would extend the $8,000 first-time homebuyer tax credit to home purchases under contract by April 30, 2010 and closed by June 30, 2010.

This is an extension of the credit that was set to expire on November 30th. This The bill could be signed by the President as early as Friday.

The bill also creates a $6,500 credit for those who buy a home after living in their current house at least five years. These homes would also need to be under contract by April 30th and closed by June 30th.

The credit would be available only for the purchase of principal residences priced at $800,000 or less.

The bill also raises the adjusted gross income cap to $125,000 for single filers and $225,000 for joint filers. The amount of the credit currently begins to phase out for taxpayers whose adjusted gross income is more than $75,000, or $150,000 for joint filers.

This is a great opportunity for first-time homebuyers and move-up homebuyers and we’ll be discussing the value and opportunity for both of these targeted groups.

If you need assistance with your Sandy Springs real estate needs, be sure to contact us, your local market experts.

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