Friday, October 30, 2009

Extension of Home Buyer's Tax Credit...Will it pass?

There is "talk" that the First Time Homeowner Buyer's Tax Credit will be EXTENDED and
EXPANDED to include step up home buyers. See Washington Post article below.

Extension of home buyers' credit has wide Senate support

By Dina ElBoghdady
Washington Post Staff Writer
Thursday, October 29, 2009

The Senate has reached a broad bipartisan consensus on extending a lucrative tax credit for first-time home buyers beyond the Nov. 30 deadline and expanding it to include some current homeowners, according to the Senate's Democratic leader.

Under the plan, people buying their first home would receive an $8,000 tax credit if they sign a contract by April 30 and close on it by June 30, according to people familiar with the proposal who spoke on the condition of anonymity because the timing had not been finalized. Homeowners shopping for a new primary residence would be eligible for a $6,500 tax credit if they owned their home for five consecutive years in the previous eight.

In both cases, individuals who earn more than $125,000 annually and couples who earn more than $250,000 would not be eligible, the office of Senate Majority Leader Harry M. Reid (D-Nev.) said on Wednesday.