It looks as though the $8000 First Time Home Buyer Federal Tax Credit will be extended.
Lawmakers, looking for ways to generate home sales, are talking about extending the First Time Home Buyer Tax CreditAND increasing the income requirements so more Americans can qualify for this incentive.
Experts agree that the extension is all but certain as lawmakers look for the vehicle to bring this before the senate. Per The Wall Street Journal last night, Senate Majority Leader Harry Reid is trying to attach the legislation to a bill that will extend unemployment benefits.
More about the revamped extension:
- The new version of the tax credit will have a contract deadline of April 30, 2010 (must have a fully executed contract), with the sale to be finalized on of before June 30, 2010.
- Homebuyers who have lived in their home 5 or more consecutive years out of the last 8 years will be eligible for a $6500 tax credit if they "move-up" to a new home." This targets homeowners and not investors.
- The income ceiling level will be raised from $75,000 for a single-person and $150,000 for a couple to $125,000 and $250,000 respectively, although neither can purchase a home for more than $800,000 and get the tax credit.
- The current tax credit has cost the Federal Government more than 10 billion in lost revenue. The new version will certainly have a greater impact.
What is your opinion of the First Time Home Buyer Tax Credit?
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