The United States Senate is expected to vote, later today, on a bill to extend Unemployment Insurance benefits. This bill will contain the Dodd-Lieberman-Isakson Amendment to extend and expand the $8,000 First Time Homebuyer Tax Credit.
The Extended and Expanded Tax Credit will contain the following provisions:
Amount: $8,000
Eligibility: ALL HOME BUYERS (Step-up buyers will have to have lived in their current home for SEVEN* years to be eligible)
Income Limits: $125,000 for single filers/$225,000 for joint filers
Time Frame: December 1, 2009 to April 30, 2010 plus 60 Day extension if binding contract is in place by April 30, 2010
*The 7 year ownership requirement is designed to lower the "score" or cost of the tax credit. This is still open to change. The Congressional Budget Office is going to "score" the cost of 3 year and 5 year requirements. We are continuing to push for step-up buyers to be required to be in their current home for three year period.
NAR (National Association of Realtors) will be monitoring the progress and any potential changes to the bill. NAR will send out a notice when the legislation is voted on tonight--regardless of how late into the night or early into the morning the debate continues.
This is a good first step. We need to see the version from the House of Representatives.
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