Nov
5
Congress Extends First-Time Home Buyer Credit
Posted by Jeremy Bartlett under For Buyers, For Sellers, For Realty Professionals, General Information, Mortgage, First Time Home Buyers, Tax Credit, Austin Real Estate, North Austin Real Estate, Texas Real Estate, Downtown Austin, Best Buys, Properties, Market Statistics, Wealth Building, Ryan Kucera, Jeremy Bartlett, Balcones and Spicewood Estates, City of Austin
Congress took further steps today to right the staggering economy by expanding a popular tax credit for home buyers and extending unemployment checks for the growing legions of people running out of benefits with few job prospects. The House passed the bill on a 403-12 vote Thursday, a day after the Senate ended a monthlong stalemate with a 98-0 vote. With some 7,000 people exhausting unemployment benefits every day and the $8,000 tax credit for first-time home buyers set to expire at the end of November, President Barack Obama is expected to quickly sign it into law.
The $24 billion package also contains tax credits aimed at struggling businesses.
The IRS says some 1.4 million people applied for the home buyers credit through August, helping enliven the moribund housing market. The legislation would extend the program through June of next year, as long as the buyer signs a contract by the end of April. It also offers a $6,500 tax credit to those who have lived in their current residence at least five years.
The measure doubles the income ceiling for eligible individuals to $125,000. Homes must cost less than $800,000 to qualify.
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