Tax credit ticker now goes through April 30, 2010!

Illinois REALTORS® applaud President Obama and Congress for extending and expanding the first-time homebuyer tax credit, which has been a very effective stimulus tool for the housing market and the overall economy. What the first-time buyer credit did was significantly impact the entry-level end of the market. By expanding it, we’re going to see some move-up buyers take action.

As of today when the President signed H.R. 3548, the expiration date for the credit is extended to April 30, 2010. You can share this link for the new tax credit countdown ticker with your clients http://www.YourIllinoisHome.com

Here are some basics to know about the new tax credit.

  • First-time buyers who have not had interest in a principal residence for three years are still eligible, and the maximum amount remains the same – $8,000 (or $4,000 for married couples filing separately).
  • Current homeowners, who have consecutively maintained the home they want to sell as their primary residence for five of the last eight years, are also eligible. However, the maximum amount for those homeowners is lower: $6,500 (or $3,250 for married couples filing separately).
  • Qualifying buyers must sign a purchase agreement by April 30, 2010, and close before July 1.
  • The tax credit may not be used to purchase a home for more than $800,000. Vacation homes are ineligible.
  • The income limits to earn the maximum for both tax credits have been raised to $125,000 for single buyers and $225,000 for married couples.
  • All buyers who want to get the credit must include documentation of the purchase on their tax returns.
  • The credit is extended for through June 30, 2011, for members of the military serving outside the United States for at least 90 days.

This is a major victory for consumers and the housing market! We thank all Illinois REALTORS® who took the time to call or write to their members of Congress.

Look for Q&As and updates at www.illinoisrealtor.org/taxcredit.

2009-11-06T12:58:12+00:00November 6th, 2009|Housing Market, Government Affairs|14 Comments

About the Author:

Jon Broadbooks is vice president for communications at Illinois REALTORS®.

14 Comments

  1. […] This post was mentioned on Twitter by IL Assn of REALTORS, Mary Schaefer. Mary Schaefer said: RT@ ILREALTOR: New IARbuzz: Tax credit ticker now goes through April 30, 2010! http://bit.ly/48Z7Qk […]

  2. […] This post was mentioned on Twitter by IL Assn of REALTORS, Mary Schaefer. Mary Schaefer said: RT@ ILREALTOR: New IARbuzz: Tax credit ticker now goes through April 30, 2010! http://bit.ly/48Z7Qk […]

  3. uberVU - social comments November 7, 2009 at 12:46 pm

    Social comments and analytics for this post…

    This post was mentioned on Twitter by ILREALTOR: New IARbuzz: Tax credit ticker now goes through April 30, 2010! http://bit.ly/48Z7Qk

  4. uberVU - social comments November 7, 2009 at 12:46 pm

    Social comments and analytics for this post…

    This post was mentioned on Twitter by ILREALTOR: New IARbuzz: Tax credit ticker now goes through April 30, 2010! http://bit.ly/48Z7Qk

  5. […] activity in the third quarter shows compelling reasons to back the extension and expansion of the homebuyer tax credit, which President Obama signed into law on Nov. 6. The housing market has an impact well beyond the […]

  6. […] activity in the third quarter shows compelling reasons to back the extension and expansion of the homebuyer tax credit, which President Obama signed into law on Nov. 6. The housing market has an impact well beyond the […]

  7. Housing Heads Towards Recovery November 15, 2009 at 1:29 pm

    […] What they heard at a standing room only Economic Issues and Residential Business Trends forum:  housing recovery is on a rebound that can only improve with added stimulus from the recent extension and expansion of the homebuyer tax credit. […]

  8. Housing Heads Towards Recovery November 15, 2009 at 1:29 pm

    […] What they heard at a standing room only Economic Issues and Residential Business Trends forum:  housing recovery is on a rebound that can only improve with added stimulus from the recent extension and expansion of the homebuyer tax credit. […]

  9. […] in the report. “There is opportunity now for the move-up buyer to take advantage of the tax credit that ends April 30 and lower mortgage interest rates, which many analysts expect to rise by […]

  10. […] in the report. “There is opportunity now for the move-up buyer to take advantage of the tax credit that ends April 30 and lower mortgage interest rates, which many analysts expect to rise by […]

  11. […] the $8,000 first-time buyer tax credit has been extended through April 30 and expanded to include a tax credit for long-time homeowners of up to […]

  12. […] the $8,000 first-time buyer tax credit has been extended through April 30 and expanded to include a tax credit for long-time homeowners of up to […]

  13. […] number of REALTORS® that made a “Call to Action” for the passage and extension of a new “Homebuyer Tax Credit” was in excess of 550,000. Yes, Congress listened and it worked! Strength in numbers worked and it […]

  14. […] number of REALTORS® that made a “Call to Action” for the passage and extension of a new “Homebuyer Tax Credit” was in excess of 550,000. Yes, Congress listened and it worked! Strength in numbers worked and it […]