Homebuyer Tax Credit Passed!
November 11, 2009
Tax Credit Extension Passes Senate and House, Now Awaits President’s Signature
By votes of 98-0 and 403-12 respectively, the US Senate and House each passed the Unemployment Insurance Bill, which contains the homebuyer tax credit extension and expansion. After receiving broad bi-partisan support the bill now heads to the President for his signature.
Over the last two weeks, National Association of Realtors (NAR) and Senator Isakson have worked extensively with Senate leadership to expand the current first-time home buyer tax credit to include buyers in the “trade-in” or “move-up” market. The bill establishes a new $6,500 tax credit for “move-up” buyers so long as the home they are leaving has been their principal residence for five years or more.
Both the $8,000 first-time home buyer tax credit as well as the $6,500 tax credit for “move-up” buyers would sunset on April 30, 2010. However, individuals who have contracts as of April 30, 2010, would still qualify for the credit so long as they complete the transaction within 60 days. The bill establishes income limits of $125,000 for an individual or $225,000 for a couple for both credits. The cost of the home being purchased may not exceed $800,000 in order to be eligible for the credit. Click here for a breakdown of the final provisions.
REALTOR® members in Georgia and across the country highlighted the power of speaking with a unified voice and engaging in the political process. REALTORS® Including myself responded to the NAR Call For Action in record numbers, with Georgia represented as a national leader. Over 25% of GAR members responded to the Call For Action, and your willingness to engage made a difference. To learn more about NAR’s efforts visit www.realtoractioncenter.com.
