November 4, 2009
Washington, D.C. – Led by Nevada Senator Harry Reid, the U.S. Senate today passed a bill that will extend unemployment benefits, the Homebuyer Tax Credit, and tax relief for struggling businesses.The Senate vote was 98 to 0 .
Homebuyer Credit
• Extends the $8,000 credit through June 30, 2010 (must have binding contract by April 30, 2010).
• Expands the credit (capped at $6,500) beyond first-time homebuyers to those who have owned a home for five consecutive years within the previous eight years.
• Increases the dollar limits for eligibility for both credits from $75,000 for singles and $150,000 for married couples to $125,000 for singles and $225,000 for married couples.
• Limits the credits to homes costing $800,000 or less.
• Waives repayment of the credit for Members of the Armed Forces and others on sent away from home on extended duty.
• Extends the credit for an additional year for Members of the Armed Forces and others away from home on extended duty.
• The proposal adds an age requirement, requires corroborating information to be filed with a return claiming the credit, and gives the IRS greater authority to deny the credit based on information reported by the taxpayer on prior returns.
John Le Francois
Production Manager
Direct Access Lending #405
650 White Drive Suite 200
Las Vegas, NV. 89119
Off: 702-617-9900
Fax: 702-541-9901
Email: john.lefrancois@dalusa.com
Site: www.lasvegasmtg.com
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John Le Francois
Senior Loan Officer
All Western Mortgage Inc.
8345 W. Sunset Rd.
Suite 200 Las Vegas, NV, 89113 US |
Work: 702-947-0648
Mobile: 702-271-2659
Fax: 702-541-9901
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