Knoxville, TN: Homebuyers $8K tax credit extension may pass this week.

This delightful home above has been reduced to $184,900 and will qualify for the $8,000 federal tax credit if you have not owned a home in the past three years. Click the Visual Tour above to see a virtual tour and then call me to schedule a private showing.

** UPDATE** The extension passed the Senate vote today and President Obama said he would sign it on Friday!

It looks like the extension of the $8,000 federal tax credit for Knoxville & Farragut TN area homebuyers is almost done.

RISmedia is reporting today (November 5th) that the Senate voted to cut off debate and bring the measure to the floor for a vote and then pass it on to President Obama for signature by the end of this week.

President Obama has already said he intends to sign the legislation.

The homebuyer tax credit, due to expire at the end of November would be extended through April 30 of next year. First-time buyers who are in the process of making a purchase would not need to worry about qualifying for the $8,000 credit if they close after the November 30 deadline.

For the first time, the legislation that was recently cleared makes move-up buyers as well as first-time buyers eligible for a credit. The $8,000 maximum first-timer credit will continue and will now be available to couples with income up to $225,000, a nearly $55,000 increase above the level in existing law. A new $6,500 maximum credit would also be available to move-up homeowners who have lived in their current residence for five of the prior eight years.

I’ll keep you updated as this bill moves quickly toward becoming law.

Related articles by Zemanta

• Senate Acts to Expand Housing Credit (nytimes.com)
• Q&A: The Home Buyer Tax Credit Extension (blogs.wsj.com)
• Senate OKs home buyer credit extension (dontmesswithtaxes.typepad.com)
• Extended, expanded homebuyer tax break nears passage (lansner.freedomblogging.com)
• Extra homebuyer tax credits 1 step closer to law (lansner.freedomblogging.com)
• Senators Look to Expand Home Buyer Tax Credit (abcnews.go.com)
• Homebuyer Tax Credit: Congress Gives New Buyers A $6,500 Break (huffingtonpost.com)
• US housing recovery is continuing (news.bbc.co.uk)