The next step is to move onto the House of Representatives, who is expected to pass it as well as early as tomorrow, and get the bill into President Obama’s hands by the end of the week.
The bill extends the credit to buyers having a binding contract on a house by April 30, 2010, and settle by June 30, 2010. It would also allow for buyers who have currently lived in their home that they own for five years or more to receive $6,500 credit on their next home in that same period. Both of these buyers will have qualifying factors.
CNN reports that:
The Senate bill would raise the adjusted gross income cap to $125,000 for single filers and $225,000 for joint filers. The amount of the credit currently begins to phase out for taxpayers whose adjusted gross income is more than $75,000, or $150,000 for joint filers.
This is exciting news, and I will keep you updated as it moves through the House and hopefully onto the President.