Chicago Relocation

Senate clears the way for tax credit extension!

November 5, 2009

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Senate clears the way for tax credit extension!


By an 83 vote margin, the U. S. Senate this week voted to end debate on the package and present legislation to President Obama for his signature next week! Read about it HERE.


Due to expire at month’s end, the $8000 tax credit would be extended through April 30, 2010.  Thus the 11/30/09 deadline would disappear. The new credit would now be available for move-up as well as first time buyers and will also apply to couples with an income of up to $225K, a $55K increase above today’s version of the law.  In addition, a $6500 max credit may also be used by move-up homeowners, subject to length of residency requirements.  Good news for Chicago Real Estate!


Keep your fingers crossed!