Buckley & Buckley Real Estate
Buckley & Buckley Real Estate

Congress extends $8,000. tax credit

Posted on November 5, 2009
 

According to Bloomberg News, Congress passed legislation expanding an $8,000 tax credit for first-time homebuyers. The House approved the measure today on a 403-12 vote, sending it to President Barack Obama, who will sign it tomorrow. The Senate passed the bill 98-0 yesterday after weeks of delays. The bill would extend until April 30 the tax credit for first-time homebuyers that would otherwise expire at the end of this month. The legislation approved today would allow the credit for couples earning up to $225,000 a year and individuals earning up to $125,000. That's up from the current $75,000 limit for individuals and $150,000 for couples.

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