The homebuyer tax credit has officially been extended.
According to reports, President Obama signed the bill that will extend the first-time homebuyer tax credit, and add a tax credit for existing home buyers.
The first-time homebuyer tax credit was scheduled to expire on December 1. The bill extends the credit for first-time homebuyers who sign a contract by April 30, 2009 and close by June 30, 2010. It also increases the income limit of first-time homebuyers, and includes a benefit of up to $6,500 to home buyers who have owned and occupied their current residence for at least five of the past eight years.
CNNMoney.com has more on the details of the bill and how it might or might not help the economy.
Friday, November 06, 2009
Thursday, November 05, 2009
Homebuyer tax credit bill passes House, awaiting President's signature
The House voted 403-12 today to pass a bill that would extend the current first-time homebuyer tax credit, and add a provision allowing up to $6,500 for existing home owners of at least five years who purchase by April 30, 2010.
The bill now is in its final stage of passage, requiring only a signature from President Obama to become effective, following yesterday's 98-0 passing vote by the Senate. The President's signature is expected to come no later than tomorrow.
There are a few sites out there that have done a great job at reporting this story, so I won't try and reinvent the wheel. Check out Jay Thompson's blog for more details. Jay might have done the best job I've seen of covering this story from the start. Inman News has also reported on the story here.
The bill has sparked a significant amount of controversy due to its excessive nature. While the existing first-time homebuyer tax credit helped improve real estate sales, a large percentage of those are estimated to have occured regardless of the bill, making the purchases that weren't estimated to have occured all the more costly for the government (read: tax dollars).
Either way, it appears close to becomming effective at this point, and could continue to help improve real estate sales as we approach what is traditionally the slow point of the year.
The bill now is in its final stage of passage, requiring only a signature from President Obama to become effective, following yesterday's 98-0 passing vote by the Senate. The President's signature is expected to come no later than tomorrow.
There are a few sites out there that have done a great job at reporting this story, so I won't try and reinvent the wheel. Check out Jay Thompson's blog for more details. Jay might have done the best job I've seen of covering this story from the start. Inman News has also reported on the story here.
The bill has sparked a significant amount of controversy due to its excessive nature. While the existing first-time homebuyer tax credit helped improve real estate sales, a large percentage of those are estimated to have occured regardless of the bill, making the purchases that weren't estimated to have occured all the more costly for the government (read: tax dollars).
Either way, it appears close to becomming effective at this point, and could continue to help improve real estate sales as we approach what is traditionally the slow point of the year.
Wednesday, November 04, 2009
First-time homebuyer tax credit extension passes Senate vote, on to House
The Senate voted 98-0 today to pass the bill including the extension of the first-time homebuyer tax credit.
The bill will now move to the House for a vote before President Obama can give the final stamp of approval. The administration is reported as saying it supports the bill, which the House could vote on Thursday.
"Now that this legislation has passed the Senate, I will bring it to the House Floor for a vote as early as tomorrow," said House Majority Leader Steny H. Hoyer of Maryland [From CNNMoney.com].
The first-time homebuyer tax credit extension is packaged in a bill that could extend unemployment benefits by as many as 20 weeks. If passed as is, the bill will extend the existing first-time homebuyer tax credit of up to $8,000 for home purchases made by April 30, 2010. It would also add a $6,500 credit for home purchases by current home owners of at least five years.
Read more details on the proposed first-time homebuyers tax credit extension here and here.
Check back to Sean Cutright's blog for up-to-date details on the possible tax credit extension.
The bill will now move to the House for a vote before President Obama can give the final stamp of approval. The administration is reported as saying it supports the bill, which the House could vote on Thursday.
"Now that this legislation has passed the Senate, I will bring it to the House Floor for a vote as early as tomorrow," said House Majority Leader Steny H. Hoyer of Maryland [From CNNMoney.com].
The first-time homebuyer tax credit extension is packaged in a bill that could extend unemployment benefits by as many as 20 weeks. If passed as is, the bill will extend the existing first-time homebuyer tax credit of up to $8,000 for home purchases made by April 30, 2010. It would also add a $6,500 credit for home purchases by current home owners of at least five years.
Read more details on the proposed first-time homebuyers tax credit extension here and here.
Check back to Sean Cutright's blog for up-to-date details on the possible tax credit extension.
Tuesday, November 03, 2009
First-time homebuyer tax credit moves closer to possible extension
The previously discussed first-time homebuyer tax credit extension has not been passed.
However, it has taken a step closer to passing after the Senate voted 85-2 last night to cut off debate on the tax credit extension package.
According to this article, the move means the package is likely to be sent to President Obama for his signature this week. If approved as is, the $8,000 first-time homebuyer tax credit would be extended for homes that are purchased by April 30, 2010.
The extended credit would also be available for couples who earn up to $225,000, and would include a credit of up to $6,500 for current homeowners who upgrade their homes. The $6,500 credit requires a person to have lived in their current home for five of the past eight years. Some of the details behind the $6,500 credit are still sketchy, though, like the definition of an "upgraded home."
Check back to www.dripmarketingblog.com for more information on the possible first-time homebuyer tax credit extension.
However, it has taken a step closer to passing after the Senate voted 85-2 last night to cut off debate on the tax credit extension package.
According to this article, the move means the package is likely to be sent to President Obama for his signature this week. If approved as is, the $8,000 first-time homebuyer tax credit would be extended for homes that are purchased by April 30, 2010.
The extended credit would also be available for couples who earn up to $225,000, and would include a credit of up to $6,500 for current homeowners who upgrade their homes. The $6,500 credit requires a person to have lived in their current home for five of the past eight years. Some of the details behind the $6,500 credit are still sketchy, though, like the definition of an "upgraded home."
Check back to www.dripmarketingblog.com for more information on the possible first-time homebuyer tax credit extension.
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