The Senate voted today 98-0 to pass the HR 3548. HR 3548 is a bill that extends unemployment benefits for an additional 20 weeks and contains an amendment that extends the existing $8,000 First Time Buyer Tax Credit and adding a tax credit for Move Up buyers!
Here is what we know:
- The Tax Credit Extension allows eligible buyers to claim the credit if their contract is written prior to April 30, 2009 (contracts must then close within 60 days).
- First Time Buyers (being defined as buyers who have not owned primary residence within the past 3 years) are eligible for up to $8,000.
- Move Up Buyers (being defined as people selling a primary residence who have owned that home for at least 5 years) are eligible for up to $6,500.
- The income limits are raised, making single buyers earning less than $125,000 per year and married buyers earning less than $225,000 per year eligible.
The bill now must pass the House, with Speaker Pelosi stating she may bring it to a vote as soon as tomorrow, then the final approved bill must be signed by President Obama. Can it still derail? Maybe, but I doubt it. A 98-0 vote is a pretty strong statement of support.
The passage of this legislation will continue to aid the housing market recovery and the addition of a credit for move up buyers will create some much needed in the higher price ranges. Congratulations America, the recovery continues!