Senate Voting today on amendment to extend the $8,000 First Time Buyer Tax Credit

8000 billAccording to a quick release from The National Association of Realtors today, the Senate is voting on an amendment to Extend Unemployment Insurance Benefits.  In this bill, there is an amendment titled “Dodd-Lieberman-Isakson Amendment to Extend and Expand the $8,000 First Time Homebuyer Tax Credit”.  

According to NAR:

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

Now, none of this is certain in any way, but an extension applicable to all home buyers would be very good for the housing market.  If this amendment passes today, it still has to go through the House of Representatives and then the final bill must be approved by both chambers of Congress, then the President must still sign it.  It is encouraging news, watch for more details as they emerge!

I’d like you to be part of the conversation, so if you like what you read here please, comment, forward The Lancaster Connection to your friends, subscribe and as always, if you have questions, need real estate advice or want to buy or sell a home, you can call or text me at 717-371-0557, email me at Jason@JasonsHomes.com or contact me at the office at 717-490-8999!

 

Your Friend in Real Estate,

Jason Burkholder

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