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The first-time home buyer tax credit has been extended!

In a major victory for NAHB that will boost the fledgling housing recovery and help struggling business owners nationwide, Congress has approved legislation that will extend the first-time home buyer tax credit beyond its November 30th deadline and expand it to a wider group of home buyers. The bill also provides relief to cash-strapped home builders by providing broader tax benefits for businesses with net operating losses (NOLs).

The legislation will:

Extend the $8,000 credit for first-time home buyers for sales contracts entered into by April 30, 2010 and closed by June 30.
Expand to include a new $6,500 credit for owners of existing homes who are purchasing a new principal residence.
Increase income eligibility limits to claim the full credit amount to $125,000 for single taxpayers and $225,000 for married taxpayers filing a joint return.

NAHB's consumer-oriented Web site, http://www.federalhousingtaxcredit.com/, provides complete details on the enhanced home buyer tax credit.

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