Twin Cities Home Buyers: Details On The Extended and Expanded Tax Credit

Both houses approved the new tax credit bill, and President Obama is expected to sign it today.

The House today and the Senate yesterday passed legislation to extend the $8,000 home buyer tax credit to April 30, 2010, 
for first-time buyers and add a $6,500 tax credit for repeat buyers if they've lived in their home for five of the past eight years. 
Home prices are capped at $800,000 (no purchase price cap for first-time buyers). 

Under the bill, income limits are expanded to $125,000 for individuals and $225,000 for joint filers. Individuals with incomes up to $145,000 
and joint filers with incomes up to $245,000 qualify for reduced credits.

Households who have binding contracts in place by April 30 will be allowed until July 1, 2009 to complete their transaction. 
The deadline for members of the military serving out the U.S. for at least 90 days between Jan. 1, 2009, and May 1, 2010, has been extended one year.

Check out the NAR Issue Brief for details.

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