Washington, DC – November 9, 2009 – (RealEstateRama) — This week, the House voted on legislation to extend the $8,000 first-time homebuyer tax credit through April 30, 2010, which is currently set to expire December 1, 2009. The bill also expands eligibility of the credit, raising the income eligibility cap on individuals to $125,000 and $225,000 for married couples, up from $75,000 and $150,000 respectively, and homes sold for more than $800,000 are ineligible. In addition, the legislation creates a $6,500 tax credit for current homeowners buying a new primary residence, provided they have lived in their current primary residence for five consecutive years and stay in their new residence for at least three years. President Obama signed this bill into law today. Congressman Miller has been an active supporter of extending the homebuyer tax credit, cosponsoring various pieces of legislation and sending numerous letters in support, and is pleased the House has voted to extend and expand this real economic stimulator.
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