Buyer Tax Credit Extension, Expansion

Congress passed legislation today that, with Obama’s signature (expected Friday), will extend and expand the home buyer tax credit. Here are the details:

• New home buyers can receive up to an $8,000 tax credit through June 2010 (the previous legislation is set to expire in November 2009)
• Current home owners who have have lived in their home for at least 5 years can get up to a $6,500 tax credit if they purchase a new home priced up to $800,000
  
• Home buyers have until April 30, 2010 to put a home under contract and must close by June 30, 2010
• Individuals earning up to $125,000 and couples earning up to $225,000 are eligible for the credit (the income levels were previously $75K/$150K)

Learn more about the Home Buyer Tax Credit Legislation.