The Senate voted cloture last night on the bill containing the extension of the first time homebuyer tax credit. What that means is by this Friday the tax credit shall be inked. And in laymen terms cloture is a procedure by which the Senate can place a time limit on a bill, the maximum is 30 additional hours of consideration.

 

 

The terms of the new tax credit remains at $8,000 for first time home buyers and a new feature of a $6,500 tax credit to move-up buyers as well. The income limits were adjusted upward as well to $150,000 a year for a single filer and $225,000 for joint filers. The tax credit requires purchase and sale contracts dated by April 30th and allows for a sixty day window to close.

While this is not a final vote the cloture vote by the Senate all but wraps up the extension of the home buyer credit.