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Blogs Karen's Blog Exciting News This Week from Washington!

Posted Nov 08, 2009 6:47 pm (11 years ago)

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Congress passed legislation this week that will extend and expand the $8,000 first-time home buyer tax credit. The new law will extend the $8,000 tax credit for first-time home buyers for sales contracts executed by April 30, 2010 and closed by June 30, 2010. The tax credit has also been extended to existing home owners in the amount of $6,500 for the purchase of a new home if they have been residing in their current principal residence for five consecutive years out of the last eight years. The income limits for eligibility for the program have also been adjusted to $125,000 for individuals and $225,000 for married couples. According to the National Association of Home Builders, this will create thousands of jobs and generate billions of dollars in wage income.   Hurrah!