Senate Now Likely To Extend Homebuyer's Tax Credit

With blessings from the Obama administration, the Senate now appears likely to pass a bipartisan compromise extending and expanding a tax credit for homebuyers. The deal would extend the $8,000 credit for first-time homebuyers for sales contracts entered into by April 30, 2010, and closed within 60 days. It would also add a $6,500 credit for some owners of existing homes as long as they have been in their homes for five consecutive years in the past eight. The income cap would be raised to $125,000 for individuals and $225,000 for married couples, up from $75,000 and $150,000, respectively. An earlier version of the compromise would have increased the cap to $250,000 for married couples.

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