Thursday, November 5, 2009

House votes to expand homebuyer tax credit

House votes to expand homebuyer tax credit... Senate extends home-buyer tax credit and jobless aid.

First-time homebuyers — or anyone who hasn't owned a home in the last three years — would still get up to $8,000. To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30, 2010.The measure is expected to be approved by the House and signed by Obama within days. It is aimed at giving the real estate market an added boost and would expand the credit to existing homeowners.

The legislation was approved unanimously on Wednesday by the Senate, which added two unrelated provisions to extend and liberalize tax breaks that were in this year’s $787 billion economic stimulus package. One provision will continue for five months a popular $8,000 credit for many first-time home buyers, which was to expire Nov. 30, and create a $6,500 credit for some homeowners who want to buy a new residence.

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