The First Time Home Buyer Tax Credit has really jump started what has been a rather sluggish real estate market. As the Dec 1, 2009 expiration date quickly approaches many wonder what will come next. Now both legislators and the business community are hoping to build on the incentive's success by expanding it.
A number of bills have been introduced in the House and the Senate that lobby for an expansion of the measure. Among the proposed changes:
- Setting a new cap of $15,000.
- Extending the tax break into mid-2010.
- Making the benefit available to all home buyers, not just first-timers.
- Offering a separate tax credit to $3,000 for borrowers who refinance.
Please stay tuned as I will keep you informed of any extensions or changes.