The new tax credit to stimulate housing – take three.
Housing Credit: There has been lots of speculation, but Obama signed the newest housing credit into law so it is official now:
The current first time home buyer $8000 tax credit is extended to April 30, 2010 and you have on top of that an additional 2 months to close on the property after that (close by July 1st, 2010). Income levels have been raised to modified adjusted gross income (MAGI) of $125,000 for singles (up from $75,000) and $225,000 for married (up from $150,000). An additional credit has also been approved for purchasers of new homes regardless of first time home buyer status as long as they have lived in their current primary residence five of the last eight years. This credit is for $6500 and seems to have the same deadlines/MAGI requirements.
You can find the official bill here – it was written into an unemployment bill so scroll down a bit: http://thomas.loc.gov/cgi-bin/query/D?c111:5:./temp/~c111dG8SpH::