I am pleased to inform you that both the House and the Senate have passed an extension and an expansion of the homebuyer's tax credit, something REBNY has strongly advocated. The President is expected to sign the bill Friday. Key provisions of the bill are as follows:
* Tax credit of up to $8000 is extended for first-time homebuyers who are in contract to purchase a home by May 1, 2010 and close by July 1;
* A tax credit is also available to homebuyers who have owned their current homes for at least five years of up to $6,500;
* The credit is available for the purchase of principal residences costing up to $800,000 (the prior tax credit did not set a limit on housing price);
* Income limits for claiming the credit are raised to $125,000 for individuals and $225,000 for couples.
STEVEN SPINOLA