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$6,500 Tax Credit for Existing Homeowners!!!

Nov 17th, 2009

Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500. First-time homebuyers — or anyone who hasn’t owned a home in the last three years — would still get up to $8,000. To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30.

The bill would also provide every American running out of unemployment insurance benefits this year with an additional 14 weeks of payments. Those in states with unemployment rates at 8.5% or greater would get six weeks on top of that. And it would allow companies losing money to reclaim taxes paid in the past five years.

“This is probably the last extension” of the real estate tax credit, said Sen. Johnny Isakson, R-Ga., a former real estate executive who championed the extension.

**You know what this means folks - its time to get down to the business of moving house before the government stops passing out checks!!