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Tax Credit Extension for Buyers and Sellers

A Senate committee reached a compromise yesterday to extend the $8,000 tax
credit for first-time home buyers, a boost the housing industry expects will
help it pull out of its two-year-old downturn.

Lawmakers in Washington also added a $6,500 tax credit for other
primary-home purchasers and raised the qualifying income limits to $125,000
for single taxpayers and $225,000 for joint taxpayers, housing-industry
sources said.

Under the Senate panel compromise, buyers must have sales agreements in hand
by April 30, but they will have until June 30 to go to settlement, the
sources said. The measure still faces votes in the full Senate and the
House.

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