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Higgins Votes to Extend and Expand Homebuyer Tax Credit |
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$8,000 Still Available for First Time Buyers, $6,500 for Previous Home Buyers |
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Today, Congressman Brian Higgins (NY-27) voted with his colleagues in the House of Representatives to approve legislation that will extend the first time homebuyer tax credit set to expire at the end of this month and expand the program to include a credit for new purchasers who have lived in their current residence for five years or more.
“This popular program delivers added incentive for Western New Yorkers considering a home purchase, making homeownership more affordable and keeping the local economy moving,” said Congressman Higgins.
The legislation already approved by the Senate and now ready for the President’s signature will extend the $8,000 homebuyer tax credit to first-time homebuyers with a binding contract before April 30, 2010, allowing 60 days to close. Individuals with an income under $125,000 and joint filers with an income under $225,000 will be eligible for the full credit with a phase out for those who earn more.
In addition a $6,500 credit toward the purchase of a home priced up to $800,000 will be available to homebuyers who have already been homeowners in their residence for five or more consecutive years out of the last eight years .
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