Home Buyer Tax Credit Approved by Congress
The 2009-2010 version of the home buying tax credit has passed through Congress and the bill should be signed tomorrow by President Obama CNBC.com is reporting.
The details did not change much from the last posting I wrote. Here are the basics:
- The tax credit will apply to purchase agreements accepted on or before April 30, 2010 and must be closed by June 30, 2010.
- First Time Home Buyers will be able to receive 10% of the home’s price or $8,000 (whichever is less)
- The income limit for first time buyers was raised to $125,000 and $225,000 for couples
- Existing Home Buyers who have lived in their current home for 5 consecutive years during the past 8 years will be able to receive 10% of the home’s price or $6,500 (whichever is less)
- If the buyer lives in their new home for 3 years they will not need to pay the credit back.
- Homes must cost less than $800,000
It was attached to a bill extending unemployment benefits. It passed the Senate 98-0 and the House 403-12
