September 2, 2010

$6,500 Tax credit to repeat buyers

A $6,500 Tax credit to repeat buyers who have owned their current homes for at least five years, is a major addition to the tax credit extension currently under consideration.

MSNBC
is reporting Senator Harry Reed’s spokeswoman has indicated the Senators have agreed to an extension of the current tax credit for purchasers under contract by the end of April 2010. A congressional aide spoke off the record and indicated the deal would allow these purchasers until the end of June 2010 to close on the home. Today is the earliest the Senate could vote on the Bill.

Still under consideration are the income limits, there are proposals to increase the qualifying income limits to $125,000 for single taxpayers and $225,000 for joint taxpayers.

Click here to view the current version of the Bill. Type S253 in the Search Bill Summary & Status box, and select Text of Legislation.

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About walid
Hey! I'm a REALTOR in Charlotte NC. I take pride in doing the best job I can, while presenting timely research to help clients make informed decisions. Whether representing a buyer or seller, I negotiate win/win situations while representing your best interests.

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