Here's the latest, as reported by the National Association of Realtors regarding the homebuyer tax credit:
As often happens, the Senate has gotten tangled in its own procedures, delaying a vote on the first-time homebuyer tax credit extension.
The shape of a final tax credit package has remained in flux since our first notification on Tuesday. As the media has reported this morning, however, there is an agreement on the details of an expanded and extended credit, but NO VOTE has yet occurred.
We cannot predict at this time when a vote will occur, but continue to press that it be as soon as possible.
The Extended and Expanded Tax Credit agreement includes the following provisions:
Amount: $8,000
Who: First-time homebuyers -- same definition as current law
Amount: $6500
Who: Repeat purchasers. Must have used previous home as a principal residence for 5 of the 8 previous years.
Income Limits: $125,000 for single filers/$225,000 for joint filers. Same for both first-time and repeat/move-up buyers
Limitation on cost
purchased home: $800,000
Time Frame: December 1, 2009 to April 30, 2010 plus 60 Day extension if binding contract is in place by April 30, 2010
Anti-fraud measures have been added.
NAR will be monitoring the progress and any potential changes to the bill. NAR will send out a notice when a vote has occurred.
Call with any questions, and spread the word.
