Senate Majority Leader Harry Reid has proposed alternate tax credit extension

By
Real Estate Agent with John L. Scott, DuPont

Senator Harry Reid has proposed an alternate to the first time home buyer tax credit.  His proposal would continue the credit for four months and then gradually phase it out by the end of 2010.  The amount of the credit would decrease by $2,000 every quarter.  After the report release last week regarding fraud in the program, they may have trouble even getting this modest proposal extended. 

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