Senate Votes to Extend First-Time Buyer Tax Credit and Then Some…..
Last night, in a vote of 98-0, the Senate approved legislation that will extend the first-time buyer tax credit through next year and, as a bonus, is proposing a $6500 tax credit to current homeowners that have owned their homes for at least 5 years. The legislation has been sent to the House for vote. Other measures to meet the growing need of jobless Americans include extensions of unemployment benefits. In states hardest hit by jobless claims, benefits could extend up to 99 weeks, a significant increase over the 65 week maximum benefit period during the 1970s.
The updated first-time homebuyer tax credit benefit also increases the income limit on a single borrower to $125,000 annually and qualified home values up to $800,000, so the new legislation not only extends the benefit, it increases the number of Americans that will qualify.