The government tax credit for property buyers have been extended.
The $8,000 tax credit for first time home buyer was due to end on November, but it has been extended for another seven months. This extension is through June of 2010 and buyers must sing a contract by the end of April.
The $6,500 tax credit will benefit…
some existing homeowners who are also buyers and whose primary residence has been owned, used, sold, or being sold within at least five consecutive years of the previous eight years.
Only people who made $75,000 a year and couples that made a $150,000 were eligible for this credit. That has also changed to $125,000 for individual and $225,000 for couples – making more people qualified for the tax credit.
This is great news for buyers of Panama City Beach Homes For Sale and also for the housing industry.