I just opened an e-mail from John M. Sebree, Vice President - Public Policy, Florida REALTORS® in Tallahassee, FL regarding the Extended and Expanded Tax Credit.
The US Senate voted Monday evening, by a vote of 85-2, to invoke cloture. This allowed to US Senate to move forward with consideration of H.R. 3548, the Unemployment Benefits Extension Act of 2009. Our calls to our two U.S. Senators paid off since both of them voted to move forward! This Unemployment Insurance Bill contains the language that extends and expands the $8,000 tax credit. The Senate debated this bill yesterday and will continue when they reconvene this morning at 9:30am. A final vote in the Senate could happen as early as tonight but a final vote day/time is not clear at this moment. After Senate passage the bill has to go back to the House to be considered yet again. I have pasted below the information that we have on what is included in the Senate agreement:
The Extended and Expanded Tax Credit agreement in the US Senate includes the following provisions
Amount: $8,000
Who: First-time homebuyers -- same definition as current law
Amount: $6,500
Who: Repeat purchasers. Must have used previous home as a principal residence for 5 of the 8 previous years.
Income Limits: $125,000 for single filers/$225,000 for joint filers. Same for both first-time and repeat/move-up buyers
Time Frame: December 1, 2009 to April 30, 2010
(also includes a 60 Day extension if binding contract is in place by April 30, 2010)
*Limitation on cost purchased home: $800,000
*Anti-fraud measures have been added.
Please keep in mind that the U.S. Senate was more generous than the U.S. House with the Tax Credit when it first passed. If/when the Senate passes this language there will be a full court press on the U.S. House to accept the agreement.