Central Florida Real Estate Blog

November 6, 2009

Today, President Obama signed the expanded homebuyers tax credit into law. The legislation, which is part of a larger bill that also extends unemployment benefits, is expected to contribute approximately $22 billion to the economy. Earlier this week, both houses of Congress overwhelmingly passed a bipartisan measure extending the $8,000 credit to April 30, 2010.

The National Association of Realtors Government Affairs Division has been diligent in lobbying for an extension to the current tax credit. Association members sent more than 500,000 letters to Congress and made over 12K phone calls to Senate offices in support of the legislation. NAR economists estimate that approximately 2 million people will take advantage of the tax credit this year.

More people are now eligible to take advantage of the law, which includes a $6,500 tax credit for buyers who are current home owners and have lived in their home for five of the past eight years. Income limits for eligible home buyers were also expanded to $125,000 for single buyers and $225,000 for couples, up from $75,000 for individuals and $150,000 for couples. Qualifying home prices are capped at $800,000.

If you would like to see a comparison chart for review of the new tax credit extension and expansion, visit www.rockspringsrealty.net/rsrblog  

For additional information, or if you are a first-time homebuyer looking to take advantage of the $8,000.00 tax credit, please contact Joe Bornstein, Rock Springs Realty at (877) 333-2811 or email at joe@rockspringsrealty.net.

As one of Central Florida's leading Real Estate Brokerages, we offer all forms of Residential, Commercial, and Investment Real Estate services. Our staff is dedicated to providing our clients with the finest customer service available in the industry today. Visit our corporate website at www.rockspringsrealty.net