President Obama made it official earlier today – He signed into law an extension of the First Time Home Buyer’s Tax Credit. The tax extension is part of a $24 billion bill signed into law, which hopes to provide incentive for new home buyers as well as existing home buyers to purchase new homes. The original tax credit, part of the American Recovery and Reinvestment Act, is set to expire November 30th.
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I did it. It wasn’t pretty mind you, but I completed all 26.2 miles of the ING NYC Marathon this past weekend. Let me tell you running a marathon is an awesome experience! There’s a lot of work and pain but it’s all worth it once it’s over.
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Did you want to use the first time home buyer tax credit but you couldn’t get it to work for you in time (it’s set to expire the end of November)? You may be in luck! Senate is considering extending the first time home buyer tax credit until Spring of next year. The current proposal would allow potential buyers to sign contracts up until April 30th and they would have to close within 60 days. The amount of the credit would still be $8,000. Income limits would also be raised from $75,000 to $125,000 for individuals and from $150,000 to $225,000 for couples. Above that the credit starts to phase out.
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