Hopefull voted on soon the Tax Credit for First Time Home Buyers will be extended and expanded. This is the latest.
- Tax Credit would remain $8,000 for firs-time home buyers and extended from December 1, 2009 to April 30, 2010.
- Allow move-up buyer $6,500 tax credit and would be eligible if they have lived in their home as a primary residence for 5 years or more.
- Tax credit would end April 30, 2010 but would allow any buyer that had a binding contract to qualify for the credit so long as they complete the transaction within 60 days.
- Income limits will be raised for both move-up and first time home buyers to $125,000 single filer and $225,000 joint return.
- Purchase price of the home not to exceed $800,000 to be eligible for the tax credit.