Today the legislation passes 85-2 to extend the first-time home buyers tax credit and a provision to extend the credit to move-up buyers!
Such high voting makes it virtually certain that the legislation will reach President Obama for his signature this week.
The bill calls for credit to be extended by 7 months and to expire on April 30, 2010. So the first-time home buyers do not have to worry about closing on the house after the November 30th date which was the original deadline.
The $8,000 maximum first-timer credit will continue and will be now available to couples with income up to $225,000, a nearly $55,000 increase above the level in existing law. A new $6,500 maximum credit would also be available to move-up homeowners who have lived in their current residence for five of the prior eight years.
More details to follow ...
With smiles,
Bo in Yukon
With smiles,
Bo in Yukon
