Will the First-Time Homebuyer Tax Credit be Extended?

Lawmakers are discussing extending the First-Time Homebuyer credit until April 30. At this time it is scheduled to expire on November 30th. If their proposal is approved, it would also expand to allow higher-income Americans and some who already own homes to qualify for the break.

Homebuyers who have lived in their prior residences for at least five years may receive a credit of $6,500 under the plan. Also, couples earning as much as $225,000 and individuals as much as $125,000 would qualify for the extended break. That’s up from a $75,000 limit for individuals and $150,000 for couples.

To read the complete article from Bloomberg.com click here. Stay tuned for more updates and find out if it becomes official when the proposal is voted on next week.