Congress extends and expands Homebuyer Tax Credit
As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:
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Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
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Expands the credit to grant a $6,500 credit to current home owners purchasing a new or existing home between the date the bill is signed by President Obama and April 30, 2010.
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Increases income limits for credit eligibility
The legislation passed the House by a vote of 403-12 on November 5, after passing the Senate 98-0 on November 4. Over half a million letters to Congress were sent from Realtors. Lehigh Valley Congressman Charlie Dent (R, PA-15) voted in favor of the legislation, as did Pennsylvania U.S. Senators Arlen Specter (D) and Bob Casey (D).
Click here for more information about how the Extended Home Buyer Tax Credit can help prospective home buyers become part of the American dream.