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Clocks 'Fall Forward' for Homebuyers, as President Obama Signs Off on Extension of First-Time Homebuyers Tax Credit
November 6, 2009Following months of speculation and Congressional debate, President Obama today signed the "Worker, Homeownership and Business Assistance Act of 2009" into law, extending the popular First-Time Homebuyer tax credit originally scheduled to expire on December 1, 2009. This new legislation offers those in the process of buying a home more time to take advantage of this significant tax benefit, allowing them to claim the credit if they close on a first-time home purchase by midnight on June 30, 2010. According to the IRS, the credit has provided a tax benefit to more than 1.4 million* taxpayers as of September 2009. The credit enables those buying a primary residence for the first time to claim 10 percent of the purchase price of their home, up to $8,000 for single taxpayers or married taxpayers filing jointly. Full release.