Tax Credit Extension Proposed Language is Available Here

If you are interested in reading the actual legislative language of the Home Buying Tax Credit Extension bill, it is available by going to this link: http://bit.ly/3UustY This is an amendment (S.AMDT.2724 to H.R.3548) to the Unemployment Extension Bill as offered by Senator Schumer.

As described previously the terms of the expansion to long-time homeowners includes a requirement that they have lived in the same principal residence at least 5 of the last 8 years. The credit will be $6,500 for those individuals.

Limitations are set at income of $150,000 single and $225,000 married (previously reported at $250k)

Maximum home purchase price is set at $800,000 to qualify for the credit. This will be of more interest in California and High priced regions.

Happy reading and remember it is still in amendments to a bill that hasn't passed yet. More legislative "sausage" to be made before we have something to send to the White House for signature.