Good News! The Senate has passed a bill that will extend the first-time homebuyer tax credit that was set to expire at the end of November. And, current homeowners have an incentive to buy as well.
The House still needs to pass the bill.
According to the Chicago Tribune:
"... the legislation would extend the $8,000 credit for first-time homebuyers until April 30. It is set to expire at the end of the month. It also would provide a new $6,500 tax break for existing homeowners who want to move up to a new home, as long as they have lived in their current residence for five consecutive years out of the last eight."
"The bill also would increase the level of qualifying incomes to $125,000 for individual tax filers and $225,000 for joint filers. Those earning up to $145,000 individually or up to $245,000 jointly would receive a smaller credit that decreases as income rises. The tax credits apply to home purchases of $800,000 or less."
Again, the House must still pass the legislation and President Obama must sign it.
