Homebuyer Tax Credit Closer to Extension

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Real Estate Agent with Keller Williams Realty New Orleans

Homebuyer Tax Credit Closer to Extension

November 3rd, 2009

An $8,000 federal tax credit for first-time homebuyers that is set to expire at the end of the month inched another step closer to getting extended until April. The Senate voted 85-2 yesterday to move the bill to a final vote, and senior members of Congress said that they expected the bill to pass next week.

In what officials say is a move to stimulate the economy, the measure might even be expanded to give a $6,500 tax credit to homebuyers who have lived in their previous home for at least 5 years.

Prolonging the tax credit is sure to be welcomed by home builders like Toll Brothers and KB Homes, as well as financial institutions like U.S. Bank, whose mortgage-revenue rose nearly 5% last quarter.

The vote comes only weeks after tax officials testified that they received 90,000 bogus claims for the $8,000 credit. Some 1.4 million legitimate claims have been filed, totaling approximately $18 billion in tax credits.

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Rainer
118,327
Ginger Moore
Wilkinson & Associates Realty - Gastonia, NC

Thank you for reminding us of the end of the tax credit. I hear they are going to extend it.  great idea!

Nov 03, 2009 12:39 PM #1
Rainmaker
268,426
John Thomas
E3 Green HOMES - Boulder, CO
EcoBroker, MSEE, MBA

Thanks Alicia...my fingers are crossed on this one. Let's home for the best. I do think it will pass. Hopefully sooner than later.

Cheers,

john

Nov 03, 2009 11:13 PM #2
Rainmaker
223,539
Brian Brumpton
Keller Williams Boise - Boise, ID
Boise Idaho Real Estate

I just hope they either or extend it or do away with it soon.  The waiting for them to decide has everyone in limbo right now.

Nov 04, 2009 04:16 AM #3
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Rainmaker
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Alicia Lagarde-Craig

Realtor, New Orleans, LA
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