Senate Passes Homebuyer Tax Credit Extension!

You’ll be reading about this all day!!!

Yesterday (November 4, 2009) the Senate officially passed a six month extension on the first time home buyer tax credit of $8,000, which is intended to encourage more people to buy homes and spur economic activity. The bill has expanded to include ‘trade up’ buyers (present home owners that have lived in their home for at least five years can get up to $6,500).

The bill will now move into the House, and then to President Obama’s desk for his signature, at which point it becomes law.

If you have any doubt that this is huge, don’t! This is huge. Read some of my other posts on the need for every tax deduction we can get. We’re going to need it!

There is an $800,000 maximum for the purchase price of the home, and the income caps which has been raised to $125,000 ($225,000 for a couple).

If you are so inclined, you can find the bill here.