Related posts

• This Month In Real Estate: April, 2010
• It’s In God’s Hands Now
• 26 DAYS
• 15 Days
• This Month In Real Estate: September, 2010

Washington, DC. The U.S. Congress has tax breaks for homebuyers on Thursday and sent the measure to President Barack Obama to sign into law.

The bill, among other provisions, extends an $8,000 tax credit for first-time homebuyers until April 30, 2010 and expands it to cover more affluent buyers. It also creates a new $6,500 credit for repeat buyers who have been in their current home for at least five years.

For all the latest real estate advice on your favorite Chicago neighborhoods:  Lincoln Park, Lakeview, Gold Coast, Garfield Park, East Village, Ukranian Village, Wicker Park, Bucktown, West Loop, South Loop, River North & Old Town

Related posts

• Report: U.S. Senate Likely To Approve Tax Credit Extension
• Will The First Time Home Buyer’s Tax Credit Be Extended?
• This Month In Real Estate: March 2010
• This Month In Real Estate – October 2009 and EXTRA The First Time Homebuyers Tax Credit Special!
• This Month in Real Estate (US): February 2010

With blessings from the Obama administration, the Senate now appears likely to pass a bipartisan compromise extending and expanding a tax credit for homebuyers.

First, however, it must break a partisan stalemate over what other amendments might be offered to a pending bill that would extend unemployment benefits for 14 weeks in all states and six additional weeks in states with jobless rates above 8.5 percent.

Max Baucus, D-Mont., chairman of the Senate Finance Committee, announced details of the compromise on the homebuyer’s tax credit, which Johnny Isakson, R-Ga., a leading advocate, said he expects to see attached to the unemployment bill.

The deal would extend the $8,000 credit for first-time homebuyers for sales contracts entered into by April 30, 2010, and closed within 60 days. It would also add a $6,500 credit for some owners of existing homes as long as they have been in their homes for five consecutive years in the past eight,

The income cap would be raised to $125,000 for individuals and $225,000 for married couples, up from $75,000 and $150,000, respectively. An earlier version of the compromise would have increased the cap to $250,000 for married couples.

In a floor speech, Baucus said, “We would help first-time buyers and we would also help home owners looking to move up to a new home. But we would exclude from the credit speculators who may have recently purchased a home, intending to flip it for a fast profit.”

Isakson had sought to expand the credit to all homebuyers and double the income limits for qualifying buyers but said Thursday he was “absolutely” satisfied with the compromise language.

For all the latest real estate advice on your favorite Chicago neighborhoods:  Lincoln Park, Lakeview, Gold Coast, Garfield Park, East Village, Ukranian Village, Wicker Park, Bucktown, West Loop, South Loop, River North & Old Town

Related posts

• HOMEBUYER TAX CREDIT EXTENDED AND EXPANDED
• Will The First Time Home Buyer’s Tax Credit Be Extended?
• This Month In Real Estate: March 2010
• This Month In Real Estate – October 2009 and EXTRA The First Time Homebuyers Tax Credit Special!
• This Month in Real Estate (US): February 2010

Related posts

• This Month in Real Estate (US): February 2010
• Report: U.S. Senate Likely To Approve Tax Credit Extension
• It’s In God’s Hands Now
• HOMEBUYER TAX CREDIT EXTENDED AND EXPANDED
• 26 DAYS