Senate Passes Extension for Tax Credit, Up to House Next
Nov 5, 2009 by Tre Pryor, Editor-in-Chief. News
News out of Washington:
First-time homebuyers have been getting tax credits of up to $8,000 since January as part of the economic stimulus package. But with that program scheduled to expire at the end of November, the Senate voted 98-0 Wednesday to extend and expand the tax credit to include buyers who already own homes. The House is expected to vote on the bill Thursday. [link]
If this passes the House, then all American have the opportunity to get tax credits in 2010.
The real estate industry has been pushing to extend and expand the housing tax credit. About 1.4 million first-time homebuyers have qualified for the credit through August. The National Association of Realtors estimates that 350,000 of them would not have purchased their homes without the credit.
Update: House passes the bill 430-12. Here’s a rundown of the Home Buyer Tax Credit Changes.
Tags: tax credit
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