Washington Report: Expansion of Tax Credit
Congress’s extension and expansion of the $8,000 tax credit through next June 30 should take the pressure off first time home buyers who’ve been rushing to close deals before the November 30 deadline. FULL STORY->
But here’s something in the expanded program that hasn’t gotten much attention: The new $6,500 federal tax credit for so-called “move up” buyers took effect immediately upon enactment.
That means that potentially hundreds of thousands of Americans who fit the key ownership and income criteria for the new credit are eligible for it … right now.