Congress has approved the extension and expansion of the federal homebuyer tax credit and it will now be sent to President Obama for his signature. The measure is part of H.R. 3548, the Unemployment Compensation Extension Act.
Under the bill, the deadline for the first-time buyer tax credit of up to $8,000 would be extended through April 30, 2010. Buyers would need to have a contract to purchase in place by April 30 and would have until July 1, 2010 to close. The credit also would be expanded to provide up to a $6,500 tax credit for qualifying prospective buyers who already own their home and who have lived in it as their principal residence for five years. Eligible income limits would be increased and homes costing more than $800,000 would not be eligible for the credits.
For additional information on the tax credit
go to the NATIONAL ASSOCIATION OF REALTORS