Colorado Springs Realtor - Cherise Selley - Homebuyer Tax Credit Bill

Colorado Springs Realtors as well as other real estate agents across the country have waited anxiously about whether the first-time homebuyer tax credit would be extended from November 30th until sometime next year.

Well…it looks like the extended homebuyer tax credit bill has passed both chambers of Congress and is expected to be signed into law on November 6, 2009.

Some details of the new bill includes the fact that the tax credit for first-time home buyers ($8,000 for married couples and $4,000 for those filing separately) would extend to contracts entered into by April 30, and thus closed by July 1, 2010. It is expected that income limits on those who are buying real estate would be increased to $125,000 for single individuals and $225,000 for married couples. This proposal covers a broader price range than previously seen with the 2009 tax credit limits of $75,000 for singles and $150,000 for couples.

The Colorado Springs Realtor can expect some boost from some of the other provisions with this particular tax credit extension. The bill offers some incentives for current homeowners who want to sell their homes in which they have consecutively kept as their primary residence for five of the last eight years. These individuals would receive a new credit of up to $6,500 for married couples and $3,200 for those filing separately.

I anticipate that this tax credit for the existing homeowners might bridge some of the gap seen with negative equity factors for those who want to list their Colorado Springs Real Estate properties with Colorado Springs Realtors of their choice.