A victory for REALTORS® and consumers - tax credit extended, expanded to current homeowners
Thanks to the support of REALTORS® across Kansas and Missouri who participated in the National Association of REALTORS® Call for Action, and other countless REALTORS® across the country, Congress has voted to extend and expand the homebuyer tax credit to continue to stimulate housing and improve our economy.
NAR has assembled tons of information about the expansion and extension of the tax credit, including a comparison chart, Frequently Asked Questions and a rundown of how members in Congress voted. See information from NAR posted on realtor.org here and information posted on kcrar.com here.
Under the bill the $8,000 tax credit for first-time homebuyers has been extended through April 30, 2010. In addition, current homeowners are now eligible for a $6,500 tax credit through April 30, provided they've lived in their existing home as their principal residence for five consecutive years in the past eight years. Also, if potential homebuyers have a binding contract on or before April 30, 2010, they have until June 30, 2010 to close the transaction.
For more information about the legislation, visit KCRAR's page under Government Affairs here.
Contact your clients today!
- This is great news for current homeowners who are on the fence.
- First-time buyers who were doubtful about hitting the previous November 30 closing deadline now have until April 30, 2010
What do you think? Let us know if you think extension of the credit will help your business by leaving a comment for other REALTORS® below. Share ways you'll use the extended and expanded tax credit for your business!
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Posted on Fri, November 6, 2009