Tax Credit Extension until April 2010
?
?Looking to buy? How about some help from Uncle Sam?
Senators agreed to extend
the homebuyers tax credit.
Key Points:
1. Extended the tax credit to June 2010.
2. Available to individuals earning up to $125K, or $250K for couples, up from $75K for individuals and $150K for couples
3. Expanded to include current homeowners.
Why?
Government understands the need for an end to falling home prices. This is designed to inject $10 billion into the housing market. This should help and support a rebound in housing.
Total Cost? $10 Billion Dollars
Yesterday the Senate agreed. Up next is the House but it's expected to pass in the very near future. House leaders have already hinted they would support extending the tax credit for home buyers.
The Impact?
This is good news. Home sales dropped recently as the end of the initial homebuyers credit was ending. It's very clear the housing recovery is critical to the end of the recession. This move will certainly add buyers to the market and should benefit the housing market.
The government's first-time home buyer $8,000 tax credit has inspired a lot of sales this year, estimated as many as 400,000 by the time the program ends on November 30.
US Senate negotiators have agreed on a tentative deal on extending and slightly expanding the tax credit.
$8,000 tax credit extension would cover first-time home buyers who sign a contract for a home by the end of April 2010 and close by the end of June 2010.
Creates a $6,500 tax credit for those who buy a home, but have owned a home for at least five consecutive years out of the past eight years.
Under the $8,000 tax credit extension, income limit would be raised to $125,000 a year for individuals and $225,000 for married couples.
US Senate negotiators have agreed on a tentative deal on extending and slightly expanding the tax credit.
$8,000 tax credit extension would cover first-time home buyers who sign a contract for a home by the end of April 2010 and close by the end of June 2010.
Creates a $6,500 tax credit for those who buy a home, but have owned a home for at least five consecutive years out of the past eight years.
Under the $8,000 tax credit extension, income limit would be raised to $125,000 a year for individuals and $225,000 for married couples.
