It is finally official. The homebuyers' tax credit has been extended to
April 30, 2010. President Barack Obama approved the extension as part of
a $24 billion economic stimulus bill signed Friday. The bill also
includes an extension of unemployment benefits to the longtime jobless
and tax credits for some businesses. The housing tax credit portion of
the bill extends the $8,000 tax credit for home buyers who are
purchasing their first home from the current November 30 deadline and
expands the program to offer a credit of $6,500 to other homeowners who
have lived in their current home for at least five years and are seeking
to relocate. Another modification to the original legislation raises the
income limits for program participation from $75,000 for a single
purchaser to $125,000 and from $125,000 to $225,000 for a couple. There are also credits available on a diminishing basis above those income limits.
The bill was passed by the Senate on Wednesday evening and by the House on Thursday. Both bodies acted in a bipartisan manner which has seldom been seen this year. The Senate passage was unanimous; the House voted 403 to 12 for the bill.
