Senators Extend First Time Homebuyers Tax Credit – May Add A Reduced Credit for Repeat Buyers

While it has not yet passed, the Senate has agreed to extend the first time homebuyers tax credit until April 2010. The $8000 credit is good for homebuyers who have not owned a home in the previous three years. Homes would need to come under contract by the end of April and close by the end of June.
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Sadly, popular bills like this one often attract amendments, such as ACORN funding, along with them, a process which I think should be done away with., but for now, it is the way Washington works. The homebuyers tax credit has a unemployment extension amendment on it. Republicans want unemployment benefits verified through e-verify to show citizenship, majority leaders do not. There is also a ‘tax provision” that may help previous homeowners and businesses loosing  money.

Stay tuned …… we shall see what happens with the Tax Credit.

More Information on the $8000 Tax Credit

HUD Announces $8000 Tax Credit Can go to Closing Cost, etc.

It Is Law Now, But What Is It? Clues to the $8,000 Home Buyers Tax Credit.

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