In a major victory for NAHB that will boost the fledgling housing recovery and help struggling business owners nationwide, Congress today approved legislation that will extend the first-time home buyer tax credit beyond its Nov. 30 deadline and expand it to a wider group of home buyers. The bill also provides relief to cash- strapped home builders by providing broader tax benefits for businesses with net operating losses (NOLs).
The legislation, which will be signed into law shortly by President Obama, will: Extend the $8,000 credit for first-time home buyers for sales contracts entered into by April 30, 2010 and closed by June 30. Expand to include a new $6,500 credit for owners of existing homes who are purchasing a new principal residence. Increase income eligibility limits to claim the full credit amount to $125,000 for single taxpayers and $225,000 for married taxpayers filing a joint return.
NAHB’s consumer-oriented Web site, www.federalhousingtaxcredit.com, is being updated right now, and will provide complete details on the enhanced home buyer tax credit after the bill is signed into law by the President.
NAHB will launch a set of resources to help you understand and promote the new tax credit over the next couple of days. Check www.nahb.org/taxcreditresources early next week.
You’ve done your homework, and you’ve determined how the government’s stimulus incentives can best meet the needs of your family.
BuyersHouseRealty will work by your side to locate your next home and also give you 75% of our commission, which means even more than the tax credit to you, if you buy your next home using our services. On ave. our clients receive more then $6,000 dollars after closing. You can use that check for closing cost, new furniture or to take a vacation.
Learn more and visit us at www.BuyersHouseRealty.com (FAQ) Contact us now at 512.663.9519, before your time runs out!
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