Congress passed a bill and sent it on to President Obama for his signature to extend and expand a homebuyers tax credit. The National Association of Realtors is updating Realtor.org and currently has a podcast and side-by-side comparison of the changes that are expected to be signed into law.

For informational purposes the here is a summary of the credit once it is signed by the President that may help answer questions from your members:

-Expiration date for credit is April 30, 2010

-First-time buyers still eligible for same credit ($8,000 for married couples, $4,000 for those filing separately)

-Current homeowners, who have consecutively maintained the home they want to sell as their primary residence for five of the last eight years, are also eligible. However, the maximum amount for those homeowners is lower ($6,500 for married couples, $3,200 for separate filers)

-The tax credit may not used to purchase a home for more than $800,000

-The income limits for both tax credits have been raised to $125,000 for single buyers and $225,000 for married couples

Thank you to all for helping make this happen!

Chris Sexton
Director of Government Affairs
Tennessee Association of REALTORS®