A new
Senate proposal will offer a first time home
buyer tax credit extension
to homes under contract by April 30, 2010.
The former deadline was
November 30, 2009. The home buyer tax credit
will also be offered to people
who have lived in the same home for five
years, according to the proposal,
which at time of writing hasn’t passed yet,
but has bipartisan support.
Bloomberg has more:
An
agreement reached yesterday by the Democrats
would let homeowners
who buy a new home qualify for a $6,500
credit if they have lived in their
prior residence for five years, according to
Regan Lachapelle, an aide to
Senate Majority Leader Harry Reid.
“The
compromise we have now would expand the
credit beyond
first-time homebuyers,” Lachapelle said.
Lawmakers expect to consider
the measure as part of a bill to extend
unemployment benefits, she said.
That measure has been held up by a
disagreement with Republicans over
other proposed amendments.
Lawmakers have said they want to keep home
sales from slipping as
the economy struggles to recover from the
worst drop in home prices
since the Great Depression. The plan would
extend the homebuyers credit,
due to expire Nov. 30, to home purchases under contract by
April 30, 2010, with borrowers allowed
another 60 days to close the sale,
according to a person familiar with the
details of the agreement.
The
credit would be available to individuals
earning up to $125,000,
or $250,000 for couples, up from $75,000 for
individuals and $150,000
for couples under the current law,
Lachapelle said.
