Tax Credit Passes The Senate

And now it’s on to the House.  The final vote should come on Friday and it appears as though it will pass.  Lawmakers voted 85 to 2 on Monday night in favor of it.  President Obama would then have to sign it next week.

It does look like it will include the credit for those that have owned a home for 5 years in the past 8 years for up to $6500 and would increase the income limits from $75,000 if you are single to $125,000 and from $150,000 to $250,000 for married couples.

According to Reuters “The tax credit would apply for homes under contract by the end of April, although buyers would have until the end of June to close on the purchase.”