GREAT News - Tax Credit Extended!

President Obama signs homebuyer tax credit extension, expansion into law

President Barack Obama has signed into law a bill that includes an extension and expansion of the current homebuyer tax credit, an important step in ensuring a real estate and economic recovery. The measure extends the present $8,000 tax credit for first-time homebuyers through April 30, 2010. Current homeowners are eligible for a $6,500 tax credit through April 30, provided they have lived in the home they are selling, or have sold, as principal residence for five consecutive years in the past eight years. If potential homebuyers have a binding contract on or before that date, they will have until July 1 to close the transaction. Income limits for eligible homebuyers are expanded to $125,000 for single buyers and $225,000 for couples. The purchase price of the home cannot exceed $800,000. To help guard against fraud, buyers are required to attach documentation of purchase to their tax return.
Click here for detailed information about the legislation.

Thank you to the thousands of New York REALTORS who participated in the online Call for Action, and to those who personally met with their Congressional representatives to lobby on behalf of the homebuyer tax credit. Without a doubt, grassroots participation is one of the most important actions you can take to protect the real estate industry and your business interests. As a result of persistent REALTOR outreach, New York’s 28 sitting members of Congress and two Senators voted to support this important extension. This is a great victory for the economy and for homebuyers.  REALTORS are commended for successfully making your case to Congress!

CLICK ON THE LINK BELOW FOR A CHART OUTLINING THE NEW TAX CREDIT EXTENSION DETAILS