The First Time Home Buyer Tax credit has been seen as a huge success in Passaic County and its planned expiration on November 30 has had many feeling nervous about what its end would mean.  Those fears can now be put aside. The Senate passed an expanded tax credit. While the bill still has to pass through the House, which it is expected to do next week, is was overwhelmingly approved by the Senate in a 98-0 vote.

What is new and improved with the extended and expanded tax credit?  The new and improved tax credit is still for first time home buyers but will also include home buyers who have owned their current home for 5 years or more.  The credit is up to $6,500 for these current Passaic County homeowners and remains at up to $8,000 for First time home buyers or Passaic County home buyers who have not owned a home for the past three years.  The tax credit  is income restricted, an individual cannot make more that $125,000 annually and a couple cannot make more than $225,000 jointly.  A home must be  a primary residence and valued at $800,000 or less.  Buyers must have a property under contract to purchase by April 30, 2010, and the property must close by June 30, 2010.

The passing of this extended, expanded tax credit is good news on the real estate front and is expected to be the last tax credit offered for a long time to come.

Click here for more information on the First Time Home Buyer tax credit

 

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