The U.S. House could vote as early as today on extending and expanding the homebuyer tax credit.
The U.S. Senate voted 98-0 yesterday to pass a bill that would extend unemployment benefits, expand a homebuyer tax credit and aid struggling U.S. companies.
The $24 billion package extends unemployment benefits by 14 weeks, and an additional 6 weeks in states with a jobless rate of %8.5 or more.
The package will also extend the $8,000 tax credit for first-time homebuyers - or anyone that hasn't owned a home in the last three years. Those that qualify will have to sign a contract by April 30, 2010 and close on the house by June 30, 2010. On top of this extension, a new tax credit will be created giving $6,500 to home buyers that have owned a home for more than five years.
The credits are available for the purchase of principal homes costing $800,000 or less. The credit would be phased out for individuals with annual incomes above $125,000 and for joint filers with incomes above $225,000. They would be extended an additional year, until June 30, 2011, for members of the military serving outside the United States for at least 90 days.
About 1.4 million first-time homebuyers have qualified for the credit, and about 350,000 of them would not have purchased their homes without it.
Another major tax break incorporated into the bill would allow companies currently losing money to recoup the taxes they've paid on profits over the last five years
The U.S. Senate voted 98-0 yesterday to pass a bill that would extend unemployment benefits, expand a homebuyer tax credit and aid struggling U.S. companies.
The $24 billion package extends unemployment benefits by 14 weeks, and an additional 6 weeks in states with a jobless rate of %8.5 or more.
The package will also extend the $8,000 tax credit for first-time homebuyers - or anyone that hasn't owned a home in the last three years. Those that qualify will have to sign a contract by April 30, 2010 and close on the house by June 30, 2010. On top of this extension, a new tax credit will be created giving $6,500 to home buyers that have owned a home for more than five years.
The credits are available for the purchase of principal homes costing $800,000 or less. The credit would be phased out for individuals with annual incomes above $125,000 and for joint filers with incomes above $225,000. They would be extended an additional year, until June 30, 2011, for members of the military serving outside the United States for at least 90 days.
About 1.4 million first-time homebuyers have qualified for the credit, and about 350,000 of them would not have purchased their homes without it.
Another major tax break incorporated into the bill would allow companies currently losing money to recoup the taxes they've paid on profits over the last five years
