According to CNN, by a vote of 98 to 0, the Senate voted to extend unemployment benefits and extend the First Time Homebuyer Tax Credit!
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.
I am an existing home owner closing on a new home on November 30th, 2009. Will I be qualified for $6500 tax credit if I meet the AGI income cap?
Amit, that is a question I have been asking, as I have two sellers in the same position. At this time we do not have the answer to that question. I am hoping that as it moves through the House, we will get more details. It appears that it really is a new bill, not an extension of the current one. That could mean that it would have to be after the bill is signed into law. I am hoping that people in situations such as yours would be grandfathered in, however, I am not sure if that would happen!
[…] of Representatives voted 403-12 to extend the first time homebuyer tax credit this afternoon. The Senate passed this measure yesterday. The next step is to go to the President’s desk for his signature. […]