First Time Home Buyer Tax Credit Extension

[After Crescent]

Yesterday, Wednesday October 28^th, Senators met to discuss the first time home buyer tax credit that was due to expire in November.

There was much anticipation as to what their decision would be, but they've decided to extend it to buyers who sign sales agreements by the end of April.  This means the $8,000 tax credit has been extended for another 6 months.

They also decided to offer a $6,500 credit to home buyers who have owned their current home for at least five years.

For the purpose of this tax credit, a first time buyer is defined as someone who has not owned a home in the three year period prior to closing when purchasing this new home.

You can read more about this news article here.