In a report from the NAR, the votes are in 98- 0 and 403 - 12. Both the Senate and House have respectively passed legislation that includes an extension and expansion of the homebuyer tax credit. President Obama signed the legislation on Friday, November 6. Many parts of it take effect immediately.
As of the signing of the legislation, the income limits increase to $125,000 adjusted gross income on a single return and $225,000 on a joint return. In addition, the so-called "move-up" credit is also in effect as of November 6. Thus, individuals who have used a home as a principal residence for 5 consecutive years of the past 8 years will be eligible for a $6500 refundable tax credit for purchases completed between November 6, 2009 and April 30, 2010.
A summary of the new legislation is attached.
Homebuyer Tax Credit Summary
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