On Friday, November 6, 2009, President Obama signed HR 3548 or "The Worker, Homeownership, and Business Assistance Act of 2009," a bill that extends unemployment benefits and includes an amendment to also extend and expand the federal tax credit. The New Jersey Association of REALTORS® (NJAR®) anticipates that the newly signed legislation will help maintain the recent momentum seen in the New Jersey real estate market and spur the state's economy as a whole. The legislation will extend the $8,000 first-time home buyer tax credit past its original November 30 deadline, and it will now be available through April 30, 2010. Additionally, existing homeowners who have lived in their homes for at least five consecutive years out of the last eight will be eligible for a credit that can total $6,500. For further details on the new tax credit amendment, including income limits and additional eligibility requirements, visit www.REALstoryNJ.com/Home-Buyer-Tax-Credit and read NJAR®'s press release. NJAR® would like to thank members for their continued support which helped pass this critical legislation.
courtesy of NJAR.com