The extension and expansion of a tax credit for first-time homebuyers has been incorporated into Senate legislation that would extend unemployment benefits. The Senate will hold a procedural vote on the legislation on Nov. 2. A vote on final passage of the entire package probably will happen by the end of next week. Majority Leader Harry Reid, D-Nevada, lined up the procedural vote and made other parliamentary moves to force progress on the legislation.
On Thursday, a bipartisan group of senators released details of a deal to extend the homebuyer tax credit. The $8,000 credit is scheduled to expire Nov. 30. The deal would extend the credit for first-time homebuyers who enter sales contracts by April 30, 2010, and close within 60 days. Individuals would be able to claim the credit for purchases in 2010 on their 2009 tax returns, meaning they could get the money relatively quickly.
The measure would also add a $6,500 credit for some existing homeowners, as long as they have lived in their current homes for five consecutive years.
The income cap for qualifying would be raised to $125,000 for individuals and $225,000 for married couples, up from $75,000 and $150,000, respectively. But homes sold for more than $800,000 would not be eligible for the credit.
As always, your thoughts, questions, or comments are greatly appreciated. Let me know if I can help with any of your Charleston SC real estate needs or questions. To look for homes anywhere in the tri-county area go to my website at http://www.carolinajoe.com/mls/
"Carolina Joe" Idleman