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Senate Passed $8000 Tax Credit Extension & Expansion!

Update: It's a Done Deal.

Read all about the Tax Credit Extension and Expansion Here!

First Time Homebuyer Tax Credit Extended | Tax Credit Expanded to Additional Homebuyers

Click on the link above to get all the details about the tax credit expansion, and whether or not YOU will qualify.

Beware - this is not a done deal yet. Based on this story, it looks like the government has made a partial decision on extending the tax credit. However, even if a bill has passed the Senate, there is a different bill circulating in the House of Representatives.

Once those bills come together, the President still needs to approve it. Remember that old Sesame Street episode about how a bill becomes a law?

Read carefully!

Via Ryan Reynolds (Keller Williams Capital Partners Realty):

Check out this link!

http://www.msnbc.msn.com/id/33522046/ns/business-real_estate/

Looks like congress is on the way to extending the current $8k tax credit for first time home buyers until April 2010 and expanding it to existing home owners for a reduced credit of $6500 for folks who have been in their homes at least 5 years. Let's hope it makes it through the House!

First Time Home Buyer Tax Credit Truths and Myths

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Posted by Stanton Homes - Penny Hull New Home Builders - Raleigh NC Area on 10/29/2009 05:43 AM

Comments (5)

Tax Credit - First Time Home Buyers in the Home Buying Channel

tax credits, first time homebuyers

Originally posted at: Raleigh NC New Homes: Communities, Lots and Land in the Triangle: Senate Passed $8000 Tax Credit Extension & Expansion!

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5 Comments on Senate Passed $8000 Tax Credit Extension & Expansion!

OCT

Thanks for the post Penny! As always you are right on top of things...

Penny,

I think we all had a suspicion this would happen, but the rumor I heard was it was going up to $15,000. I guess that was not true. Thanks for the confirmation

Paul - Just remember, it hasn't actually happened yet! All the news stories I've read have quoted a "Senate source", or "Senate speaker", but it doesn't appear that a vote has been taken yet. We'll keep watching....

NOV

In my view, the 8,000 credit has been one of the best if not the best and most effective measure to stimulate the economy and prevent this country from getting into an even deeper recession, that came out of the Obama Admin. However I have to ask this question: how expanding it to homeowners that have been in their homes for the past 5 years is going to stimulate the present economy? Who comes up with these stupid ideas of giving money away for the past and having no thought about the future or present? We can't afford to waste money for what happened in the past. We have to come up with measures that affect the present and the future, but not the past.

I totally agree in extending the credit to new homeowners for as long as the economy needs a lift because we need to activate the financing markets and put people back to work,however giving the credit to existing homeowners who have been in their homes for the past 5 years is a pure stupidity and a waste of money.

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