Senate planning to extend and expand tax credit

News outlets have reported that the Senate is planning to extend and expand the $8000 First Time Home Buyer’s Tax Credit. This has NOT been passed yet. The House and President also need to agree before this bill would be passed.

The proposal would not only extend the timeframe of the current tax credit (which is set to expire on November 30th) but also add a $6500 tax credit for people who buy a new home and have lived in their current home for at least 5 years. The Senate proposal would also raise the income limits to $125,000 for single taxpayers and $250,000 for joint taxpayers, from the current $75,000 and $150,000. If this bill passes, buyers will need to have an accepted Purcahse Agreement by April 30, but they will have until June 30 to close.

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