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
Bo in Yukon
Experience isn't expensive, it's PRICELESS!
Great Stuff! passes 85-2! What were the two thinkin'?
The final passage vote was actually 98 to 0 on the Senate floor. The 85 to 2 vote was the motion to move forward.
This is great news, Bo. I have been out most of the day and haven't listened to any news.
Anthony - I have no idea...but I guess we can find out...
Ron - Appreciate your correction...when I read it it was 85-2
Shirley - LOL...busy, busy girl...that's why you have RAIN...LOL
With smiles,
Bo in Yukon
I expected as much. Great news. Hopefully this will help to get folks off the sofa and out looking...
Helping you live your American dream...
Michael - it is good news...waiting for more details, though...
With smiles,
Bo in Yukon