Wednesday, October 28, 2009

Senate Agrees to Extend First-Time Buyer Tax Credit Until April, Reduced Credit offered to repeat buyers

The Senate tenatively agreed today to exend the $8,000 first-time homebuyer tax credit, which was set to expire at the end of November.
Details are still emerging, but the tax credits would be available to homebuyers who sign sales agreements by the end of April. They would have until the end of June to close on their new homes.

In addition, they are adding a $6,500 credit for some current homeowners who buy a new residence by then.

To qualify, current homeowners must have lived in their primary residence for five continuous years.

Senators have not agreed on how the tentative deal would come up for a vote, but sources from both parties said they are considering adding the housing credit to a bill that would extend unemployment benefits. The Senate could vote on the overall bill as early as Thursday, but lawmakers were still haggling over several unrelated amendments Wednesday evening.

House Speaker Nancy Pelosi has indicated she also is interested in extending the homeowner credit, but House leaders have yet to endorse any one bill.

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