Senators have agreed to extend the federal tax credit for first time home owners through April. This bill has potential for repeat buyers up to $6,500.00. For those sellers on the fence now is the time to list your house. Across metro Atlanta I struggle to find quality homes for sale not in foreclosure or short sale status. Great homes priced right are selling quickly across the region, email today for a listing appointment. JeffBarnwell@remax.net
WASHINGTON (MarketWatch) — Senators have struck a deal to extend a popular tax credit for home buyers beyond those buying their first house, Senate Majority Leader Harry Reid’s office said Wednesday.
Legislators also have agreed to extend the tax credit through the end of April, according to a Reuters report.
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, a Reid spokeswoman said.
The credit for repeat buyers would be $6,500.
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.
Reid wants to attach the tax-credit measure to a bill that would extend unemployment benefits.
Robert Schroeder is a reporter for MarketWatch in Washington.
