Home Buyer Tax Credit Extended and Expanded

President Obama signed the bill extending and expanding the home buyer tax credit.  The credit was part of a bill that included more aid for jobless workers and broadened tax breaks for businesses. The measure passed the House by a vote of 403 to 12, one day after it was unanimously approved by the Senate.

HOME BUYER CREDIT EXTENDED

The bill also extends the $8,000 tax credit for first-time home buyers until April 30, 2010.  The credit was previously set to expire on November 30, 2009.  The new law expands the credit to cover more affluent buyers. The bill will raise the adjusted gross income cap to $125,000 for single filers and $225,000 for joint filers. The amount of the credit currently begins to phase out for taxpayers whose adjusted gross income is more than $75,000, or $150,000 for joint filers. [Read more…]

2009 Home Buyer Tax Credit Extension Gets Preliminary Approval in Senate

According to WSJ.com, Senate negotiators reached a tentative deal to extend a tax credit for first-time home buyers, but its passage remains uncertain.

The agreement would extend the existing credit for first-time home buyers, worth up to $8,000, while offering a new credit of up to $6,500 for some existing homeowners. The reduced credit would be available to all home buyers who have been in their current residence for a consecutive five-year period in the past eight years.

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UPDATED: GA Homebuyer Tax Credit (H.B. 261) Signed Into Law By Governor Perdue

Georgia Home Buyer Tax CreditGovernor Sonny Perdue signed a watered down version of H.B. 261 into law today.  The bill was originally passed as a $3600 state tax credit.  The signed bill, and new law, allows for ANY home buyer to receive up to an $1,800 state credit over three years.  The law applies to homes bought in a six month period starting June 1, 2009 through November 30, 2009.

Georgia’s revenues have been continually lower than projected and the state has been looking for ways to balance the budget.  With that in mind, I am happy that the Governor did let this bill die.  So, anyone closing on a home in the next six months will be potentially able to receive this credit.  And, if you’re a first time homebuyer, you can add this to the $8,000 federal tax credit.  But remember, both of these credits will expire in approximately six months.

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