Thursday, November 5, 2009

US House of Representatives Approves H.R. 3548 with Tax Credit Extension (& Expansion)

The U.S. House of Representatives voted today 403 to 12 approving H.R. 3548, the legislation containing the extension of the home buyer tax credit, and expanding its provisions to include buyers who have already owned a home and not just first-time buyers.

With this legislation, the federal tax credit will be extended through April 30, 2010, with a 60-day extension if the buyer is in contract prior to the deadline. First-time home buyers will continue to be eligible for a tax credit of up to $8,000, and existing homeowners may be eligible for a reduced credit of up to $6,500. The legislation also increases the qualifying income limits from $75,000 for single tax filers and $150,000 for joint filers to $125,000 and $225,000, respectively.


President Obama still must sign this legislation into law...this legislation is supposed to be put on his desk for possible signing tomorrow. Stay tuned.

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