The Tax Credit has passed the House!
This afternoon, the House of Representatives approved an extension of the home buyers’ tax credit, sending the bill to the White House for President Obama’s signature.
The House voted 403-12 to pass the bill after the Senate unanimously approved the measure Wednesday night. The legislation continues the much-talked about home buyers’ tax credit, along with a measure allowing businesses to write off some of their losses, that were incurred over the past two years and an extension of unemployment benefits.
Congress voted to approve the measure more than a month after initially agreeing to a more modest extension of unemployment benefits. The home buyers’ tax credit and the business-tax measure were added in the Senate.
The bill extends an $8,000 first-time home buyers’ tax credit, that was set to expire at the end of November. The credit will apply to all contracts agreed upon before April 30, 2010, and closed by June 30. It creates a new $6,500 credit for existing property owners looking to sell their home and buy another during the same period of time. Both credits, however, have income restrictions limiting their availability. If you are interested in buying, selling or investing in Atlanta’s real estate, pleasee call us and Experience True Experience!