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 .
• 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
Direct Access Lending #405
650 White Drive Suite 200
Las Vegas, NV. 89119