The House voted 403-12 on Thursday to pass the bill after the Senate unanimously approved it Wednesday. The legislation includes provisions for the homebuyers' tax credit as well as extension of jobless benefits.
The bill would extend an $8,000, first-time home buyers' tax credit on all house contracts entered into before April 30, 2010, and closed by June 30 the same year. It would create a new, $6,500 credit for existing property owners who sell their home and buy another during the same period of time. The maximum purchase price on a home will be $800,000 with vacation homes not eligible. Income limitations are $125,000 for single tax payers and $225,000 for joint filers.
Mr. Obama is expected to sign the bill into law on Friday.
The National Association of Realtors (NAR) and the National Association of Home Builders (NAHB) have been lobbying hard for the extension and expansion of the tax credit. NAR claims that so far, about 1.4 million first-time homebuyers have qualified for the program and they estimated that 350,000 of these buyers would not have otherwise purchased.
The tax credit is also set to be extended for another year for military personnel serving outside of the United States until June 30, 2011.
Senator Johnny Isakson, who heavily pushed for the extension stated, "This is probably the last extension."
Gayle Causey
Realtor, Relocation Specialist
318-614-5615
Keller Williams Realty, 1390 Hudson Lane, Monroe, LA USA 318-812-7653
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