6500 home buyer tax credit
A new bill allowing a $6500 tax credit for new home buyers was passed unanimously by the Senate last night. The $6500 credit would apply to contracts entered into through April 30, 2010 and closed before July 1, 2010.
The income limits for home buyers have been raised, so both tax credits will be available to those individuals earning up to $125,000 (currently set at $75,000), or up to $250,000 (currently set at $150,000) for couples.
The House may take up the measure as early as today, and this would extend the $8,000 credit for first-time buyers that will expire November 30 and gives a credit of up to $6,500 for repeat buyers who have been in their home for at least five years.
In the next few days, IRS.gov will have more information.
