Senate Votes to Renew Tax Credit

The Washington Post reported yesterday that the $8000 tax credit for first-time home buyers has been extended through the first six months of 2010. Additionally, the new bill allows for eligible homeowners who are NOT first-time buyers to receive a $6500 refund. The bill passed 98 to 0 and will reach the House floor by Thursday. Following that, the bill would require the President's signature.

To receive the $6500 tax credit, homeowners must be purchasing a new primary residence and have owned their current home for at least five consecutive years in the previous eight years. There are also income restrictions.

Full Washington Post article HERE.