Thursday, November 5, 2009

Not passed but getting close

The much desired tax-credit-extension-to-pass-this-week

Wait until you see this:

After two weeks of delay, the Senate last night cleared the way to
pass a seven month extension and expansion of the tax credit for
homebuyers. By an 85 to 2 roll call vote, the Senate voted to cut
off debate on a package of measures that includes the homebuyer
credit, making it virtually certain that the legislation will reach
President Obama for his signature this week.
The homebuyer tax credit, due to expire in 28 days, would be extended
through April 30 of next year. First-time buyers who are in process of making
a purchased would not need to worry about qualifying for the $8,000
credit if they close after the November 30 deadline.
For the first time, the legislation cleared last night makes move-up
buyers as well as first-time buyers would be eligible for a credit.
The $8,000 maximum first-timer credit will continue and will now
available to couples with income up to $225,000, a nearly $55,000
increase above the level in existing law. A new $6,500 maximum
credit would also be available to move-up homeowners who have lived
in their current residence for five of the prior eight years..

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