As many have expected, the Congress has passed legislation extending the first time homebuyer’s tax credit. This part of the economic stilulus package was set to expire at the end of November, but with the new legislation will now run until April 2010. Many point to the tax credit as helping raise the number of home sales the past couple months both across the country, and here in the Treasure Valley. This extension will be welcome news to many Buyers and Sellers who feared they had missed out.
The new legislation also expands the program by adding a $6500 tax credit for people who already own a home, although that is limited to people who have owned for 5 years of the previous eight. There are also limits on price and income.
For more details about the extended tax credit compared to the previous version, see this pdf.
Additionally, 11 states have programs that allow the credit to be used towards the Buyer’s downpayment. Idaho is one of those states. For a little more info, see this pdf.
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