Tax credit for homebuyers may be voted on by Senate 0
According to the AP, the Senate could vote on Tuesday to give the extension of the first time homebuyer credit set to expire by November 3oth, 2009. Senate majority leader Harry Reid is looking to attach an amendment to the unemployment insurance bill helping to extend the homebuyer credit. The bill to follow is 2009 House bill 4785 expand unemployment benefits to get stimulus money. When there is an amendment wanting to be added, you can expect several different versions to come together. Some of these ideas would be to extend the first-time homebuyer credit through December 2010 but having it get phased out before reaching December by dropping the amounts from the max of $8,000 credit down to $2,000 by year end. Others like Senator Johnny Isakson wanted to expand it to all home buyers for their primary residence and raise the income limit.
Any form of amendment is being rallied behind by housing industry groups to help decrease housing inventory while helping people buy a home. Now we just have to wait and see while our current deadline for the $8,000 first-time homebuyer credit is getting close to the end of November 30th, 2009.
subscribe to comments RSS
There are no comments for this post