$8,000 Tax Credit Extension Almost A Done Deal

"I'm just a bill sittin' on Capitol Hill" from School House Rock series

In case you haven’t heard the great housing news…yesterday the Senate passed the $8,000 home buyer tax credit extension by 98-0. Today the House approved the measure as well. Now it’s up to President Obama to sign it into law, and that could happen as early as tonight.

Do I hear a Hallelujah sister?

Here are the provisions:

1. The $8,000 home buyer tax credit is extended thru April 30, 2010, with closing taking place by June 30, 2010.
2. Current home owners moving up are eligible for a $6,500 tax credit if they have resided in their current residence for five out the last eight consecutive years.
3. Income limits: $125,000 for single buyers, $225,000 for couples.
4. Credit is good on homes under $800,000.

The National Association of Home Builders estimates the extended and expanded home buyer tax credit will create 211,000 jobs and generate 180,000 additional home sales in 2010. It is also expected to generate $9.6 billion in wage income and $6.9 billion in federal, state and local taxes.

Mr. President, your blessing will make many Americans happy campers. Get ready to sign!

Jan Sperry Astani
Marketing Director
Home Creations