The Senate reached a compromise on the extension and expansion of the 1st time buyer tax credit. According to an article on RISMedia’s web page today, if approved the agreement could extend the existing credit to June 30, 2010. The current credit is scheduled to expire November 30 of this year. A new credit of up to $6,500. could be available to ALL homebuyers who have owned and resided in their current residence for a consecutive five-year period in the past eight years. The agreements additionally raised the income limits to $125,000 for single taxpayers and $250,000 for joint taxpayers. The limits are currently $75,000 and $150,000. Under the Senate compromise ratified contracts must be approved by no later than April 30, 2010.
For more details about the Possible Tax Credit Extension click HERE.