House votes to expand homebuyer tax credit
By STEPHEN OHLEMACHER (AP)
Nov 5, 2009
The House voted 403-12 to extend and expand the tax credit to include many buyers who already own homes.
The Senate approved the measure Wednesday, November 4, and the White House said President Barack Obama would sign it today.
“Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500. 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. The credit is available for the purchase of principal homes costing $800,000 or less, meaning vacation homes are ineligible. The credit would be phased out for individuals with annual incomes above $125,000 and for joint filers with incomes above $225,000.”
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