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17:35:00 Today Deal struck to expand home-buyer tax credit


Deal struck to expand home-buyer tax credit

By Robert Schroeder, MarketWatch

Last Update: 10/28/2009 5:35:00 PM

WASHINGTON (MarketWatch) -- Senators have struck a deal to extend a popular tax
credit for home buyers beyond those buying their first house, Senate Majority
Leader Harry Reid's office said Wednesday.

Legislators also have agreed to extend the tax credit through the end of April,
according to a Reuters report.

An $8,000 credit for first-time home buyers is set to expire at the end of
November. Under a compromise reached by senators, the credit would be expanded to
those who have lived in their home for five consecutive years, a Reid spokeswoman
said.

The credit for repeat buyers would be $6,500.

The credit reportedly would be available for individuals making up to $125,000 a
year and couples earning up to $225,000 per year, up from the current income
limits of $75,000 and $150,000, respectively.

Reid wants to attach the tax-credit measure to a bill that would extend
unemployment benefits.