For those who may not have been ready to purchase a home this year to take advantage of the $8,000 tax credit, the Senate has agreed to extend it. It hasn't been officially voted on, but the key senators have agreed. They are also extending a $6,500 credit to current home owners who have lived in their home for at least five years.
"The credit would be extended from its current expiration date of Dec. 1 to all contracts entered into by April 30, and closed before July 1. It is expected that income limits on people claiming the credit would be increased to $125,000 for singles and $250,000 for couples, from the current $75,000 and $150,000, aides said. The credit phases out for people making more than those amounts."
"The agreement would extend the existing credit for first-time home buyers, worth up to $8,000, while offering a new credit of up to $6,500 for some existing homeowners, Senate aides said. The reduced credit would be available to all home buyers who have been in their current residence for a consecutive five-year period in the past eight years."
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