Obama Supports Tax Credit Extension – Bill Almost Certain to Pass in Congress
Bloomberg reports that the previously enacted $8,000 first time homebuyer tax credit is highly likely to be extended to April of 2010. More importantly for Hoboken buyers, the income limit will be raised so that a single person making up to $125,000 will be eligible for the tax break instead of the current limit of $75,000. The limit for married couples will rise to $225,000 from the current $125,000. This is huge for Hoboken buyers, most of whom don’t qualify under the current plan because their incomes are too high. In addition, there will be a $6,500 credit for any primary residence purchase provided the owner has lived in the prior home for at least 5 years. More news should be available shortly.