Tax Credit Extension Moves One Step Closer

by Coldwell Banker Evergreen Olympic Realty, Inc. on October 29, 2009

The Senate just moved the home buyer tax credit a step closer to an extension (and expansion), according to a news report today from CNBC.

Enactment of the extension is still quite a ways off, but the Senate has reportedly reached a compromise on what the tax credit provision would look like going forward.

The first-time buyer credit of up to $8,000 (or 10% of the purchase price, whichever is less) would be extended until April 30, 2010.

The program is also slated for expansion. If passed it would provide a benefit to people who have owned and lived in a primary residence for five consecutive years out of the past eight. These buyers would have a $6,500 tax credit.

A lot of political maneuvering must still occur before this is a done deal. Senate leaders want to attach the tax credit provision to a bill that would extend unemployment benefits.

If the Senate does act favorably, the House must take action. So stay tuned. We will keep you updated as this moves its way through Congress.

{ 2 comments… read them below or add one }

Jeff Green January 30, 2010 at 3:07 am

Your October post on the extended home buyer tax credit is a great resource. Thanks for posting.

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Jeff Green January 30, 2010 at 3:11 am

It's nice to read a happening of the past of something like the home buyer tax credit that's giving the housing market life amidst crisis. Thank you for the post.

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