House Passes Extension of Home Buyer Credit; Obama to Sign Into Law on Friday
On Thursday, the House of Representatives voted 403-12 to extend the $8,000 first-time home buyer tax credit and expand the credit to include many buyers who already own homes. According to the Associated Press, the White House said President Barack Obama will sign it Friday.
The credit will be extended to home purchases under contract by April 30, 2010, and closed on by June 30th. It will be available to individuals earning up to $125,000, or $225,000 for couples, up from $75,000 for individuals and $150,000 for couples under the current law. The proposal will also let existing homeowners qualify for a $6,500 credit if they have lived in their current residence for five years. The credit is available for the purchase of principal homes costing $800,000 or less.
According to CNN, by the end of November, the credit will have been used by 1.8 million homebuyers, at least 355,000 of whom would not have bought a house without the tax break.
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