You may have saw on TV this morning or read online that the $8,000 tax credit has been extended.
This was prematurely reported by the media.
The tax credit extension is not currently a stand alone bill – it is part of a compromise on the Employment Insurance (EI)Bill in the Senate.
Senate Democrats and Republicans are negotiating now to address the EI Bill with some amendments. If they agree (which they very well might) on the amendments to the EI Bill – The Tax Credit Extension Bill could pass the Senate as early as this week.
The House of Reps has already stated that they will agree to the Senate’s decision on this. If that is the case – the Tax Credit Extension could be passed as early as next week in both chambers of Congress.
If the Senate does not agree on the amendments to the EI Bill (which contains the Tax Credit Extension) then there will have to be a stand alone bill introduced in the Senate. The bill would most likely be introduced by Senators Johnny Isakson (R-GA and a REALTOR)and Chris Dodd (D- CT).
The following is what the news agencies are reporting:
An $8,000 credit for first-time home buyers is set to expire at the end of November. Under a compromise reached by senators, the credit would be expanded to those who have lived in their home for five consecutive years in the eight years leading up to the date of settlement.
The credit for repeat buyers would be $6,500.
According to a Reuters report, Senators have also agreed to extend the tax credit through the end of April.
The credit reportedly would be available for individuals making up to $125,000 a year and couples earning up to $225,000 per year, up from the current income limits of $75,000 and $150,000 respectively.
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