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The Senate has passed a bill extending the $8,000 first-time homebuyer tax credit

***UPDATE*** Thursday 3pm****The House has passed the bill ***Now it goes to the president***

The Senate unanimously passed a bill extending the $8,000 first-time homebuyer tax credit by a vote of 98-0, making it applicable to contracts entered into by April 30, 2010, and closing by June 30, 2010. In addition, the bill includes a new $6,500 tax credit applicable to homebuyers who have previously owned a home, subject to income limits and purchase price limits.

The newly included $6500 tax credit applies only to homeowners who have lived in their home for the past 5 years.  Also changed where the income limits – they have been raised to $125,00 for single taxpayers and $250,000 for joint taxpayers. This is a change from the current $75,000 and $150,000 limits.

Passage in the House is expected soon, and then the bill will go to the President.

John McClellan

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