UPDATE: I was told this is a done deal, but I haven't seen an announcement yet - so it might still change. The tax credit was expanded to move-up and higher income buyers. The amount of the credit was reduced to a maximum of $7,290.
From Bloomberg: Senate Close to Deal Replacing Homebuyer Tax Credit
The details:
# Income eligibility for first-time home buyers stays at $75,000 for individuals and $150,000 for couples.
# For move-up buyers, income eligibility is $125,000 for individuals and $250,000 for couples.
# There is a minimum 5 year residency requirement in their current home for move-up home buyers.
# The tax credit is the lesser of $7,290 or 10% of the purchase price.
# The credit runs from Dec. 1, 2009 to April 30, 2010, with an additional 60 day period to close escrow. (So end of April to sign contract, end of June to close escrow)
# Expect bill to be signed by Friday.
Source: http://www.calculatedriskblog.com/2009/10/home-buyer-tax-credit-to-be-extended.html
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10 years ago
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update on 11/5/09: Home Buyer Tax Credit Passed the Senate -- on to the House!
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We are happy to report that the Senate skipped a step last night, did not invoke cloture but just went right to a vote on our bill - and passed it 98-0! As we said, things in Washington aren't always predictable. Thank you to all of you who weighed in. It's clearly working. The bill now goes to the House, where a vote is expected today. As most of your action thus far has focused on the Senate, it is important that today you use this link to weigh in with your House member, to let them know how important this is, and tell them to pass it - and quickly. We hope this can be on the President's desk today or tomorrow.
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