An existing home owner can claim the $6,500 tax credit if they have been residing in their principal residence for five consecutive years out of the last eight. Additionally, the income eligibility limits to claim the full credit amount for both groups of home buyers have been raised to $125,000 for individuals and $225,000 for married couples.
The National Association of Home Builders' estimates that the extended and expanded home buyer tax credit will create 211,000 jobs and generate 180,000 additional home sales in the coming year. It is also expected to generate $9.6 billion in wage income and $6.9 billion in federal, state and local taxes.
As a member of the Home Builders' Association (HBA), Young Painting & Remodeling helped spread the importance of Congress passing this law through networking events, phone calls and emails. We know that in the current economy, every person deserves the opportunity to own a house and have a place to call "home."
