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2009-10-29 16:51:56
Update on extending the $8,000 Tax Credit

I just received some encouraging news on the extension of the $8000 federal tax credit and wanted to get the information to you right away.  Yesterday the Senate reached an agreement to not only extend the $8000 tax credit, but to enhance the program to include a $6,500 tax credit for other primary home purchasers (not just first-time homebuyers).   The Senate agreement also increases the qualifying income limits substantially – from $75,000 to $125,000 for singles and from $150,000 to $250,000 for joint taxpayers.  Under the Senate plan, buyers must have executed purchase agreements in hand by April 30, 2010 and must close by June 30th.

It’s not a done deal– but it’s looking good  Senate leaders of both parties, key Senate Finance Committee members and staff, and tax credit sponsors Dodd-Leiberman-Isakson have agreed on the terms, but it still must be reconciled between the House and Senate and then voted on for final approval. More details are likely to come, and changes could be made as reconciliation and voting takes place.  

Thanks to my friends Rod Morely and Andy Larsen at Axiom Home Loans for the update.

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