Home Buyer Tax Credit Extension

Jose Garza (202) 833-6130

Washington, DC – President Obama, this morning signed the “Worker, Homeownership and Business Assistance Act of 2009” into law, extending the First Time Homebuyer tax credit that was set to expire on December 1, 2009.

The tax credit is allowed in full ($8,000) for those with income up to $125,000 or $225,000 if married and filing jointly. The tax credit is reduced for taxpayers with an income between $125,000 and $145,000 or $225,000 and $245,000 if married and filing jointly. The tax credit is not available for taxpayers with income higher than $145,000 or $245,000 if married and filing jointly.

To take advantage of the tax credit you must be locked into a contract to close, before midnight April 30, 2010 and closing must occur before midnight June 30, 2010.

The League of United Latin American Citizens, the largest and oldest Hispanic membership organization in the country, advances the economic conditions, educational attainment, political influence, health, housing and civil rights of Hispanic Americans through community-based programs operating at more than 700 LULAC councils nationwide.