Homebuyer Tax Credit Will Extend Through July
People are dying for more information on Congress's first-time homebuyer tax credit, which will likely be renewed soon.
The proof is in the page-views: This brief little item I recently posted on the credit is the most popular post in the last month. Google delivered thousands of readers to my little online doorstep. The second place winner–"Florida Avenue Grilling," an article I worked on for weeks—drew half the viewers. Sigh. So it goes.
You people want first-time homebuyer tax credit news, here you go! On Tuesday, Connecticut Senator Chris Dodd announced that his renewal plan had enough backing in the Senate to pass. But he refused to disclose details about the new agreement, according to Reuters.
- "The agreement would extend the existing credit for first-time home buyers, worth up to $8,000, while offering a new credit of up to $6,500 for some existing homeowners."
- "The credit would be extended from its current expiration date of Dec. 1 to all contracts entered into by April 30, and closed before July 1."
- "It is expected that income limits on people claiming the credit would be increased to $125,000 for singles and $250,000 for couples, from the current $75,000 and $150,000, aides said. The credit phases out for people making more than those amounts."
Also, Reuters reported that the extension will be "final"—no extensions on extensions.