Home buyer tax credit approved by Congress

Tax credit extended

Congress has approved the extension and expansion of the home buyer tax credit into 2010. It is on its way to President Obama and is expected to be signed as early as tomorrow. Buyers who have a sales contract in place by April 30, 2010 and close by June 30th will be able to receive the $8,000 credit. Active military who are deployed overseas in 2008 or 2009 can claim the tax credit until April 30, 2011. The tax credit has been extended to allow home buyers who already own a home to receive a $6,500 credit when buying a new primary residence. See our previous blog post for more information.

According to the NAHB (National Association of Home Builders) they estimate “that the extended and expanded home buyer tax credit will create 211,000 jobs and generate 180,000 additional home sales in the coming year. It is also expected to generate $9.6 billion in wage income and $6.9 billion in federal, state and local taxes.”

Jason Parker

Jason Parker

Jason worked for several years in the real estate industry as a licensed agent and member of the National Association of REALTORS. He has an MBA from Florida State University and enjoys writing about how agents can improve their marketing efforts.
Jason Parker

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One thought on “Home buyer tax credit approved by Congress

  1. We are so happy that this was passed! We have recently started buying short sale properties and have developed a great way to relieve the homeowners of the stress of foreclosure and are still making a BUCk doing it. If anyone needs a short sale property bought in Des Moines, Iowa– contact us. We even negotiate with the banks and handle all the headaches.