House Passes Home Buyer Tax Credit Extension

Posted on November 05 2009

The House of Representatives has voted to pass legislation extending the home buyer tax credit until April 30, 2009.

Last night the Senate voted overwhelmingly 98-0 to pass this legislation. The bill will next head to President Obama to be signed into law. He is expected to sign the bill as early as Friday.

Not only does the bill extend the $8,000 tax credit for first time home buyers but it also makes available a tax credit to current homeowners looking to purchase who have lived in their current residence for at least five years. The credit for these buyers will be capped at $6,500.

Income levels have been increased from the current limits of $75,000 for a single purchaser and $150,000 for couples to $125,000 for a single purchaser and $225,000 for couples.