Senate Passes Home Buyer Tax Credit

The U.S. House and Senate are close to an agreement to extend the home buyer tax credit due to expire at the end of this month. The Senate voted yesterday while the House could approve it by tomorrow when the monthly report on the unemployment rate will be released. The measure would cover homes under contract by April 30. Also, anyone taking the credit from a home purchased in 2010 would be able to take the credit when they pay their 2009 taxes. First-time home buyers would be eligible for $8,000, but purchasers don’t have to be first-time buyers. Anyone who has owned a home for at least five years could get a $6,500 credit on a new residence. Income limitations rise under the new plan with individuals earning up to $125,000 a year and couples earning up to $225,000 eligible. People who earn more would be eligible for smaller credits.

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