Homebuyer Tax Credit: New Updates

29 Oct
2009

Filed Under Buying, Housing Market · Tagged: tax · Print This Article

Reports from the US Senate have shown that key Senators have said they will support an extension to the homebuyer tax credit, which is set to expire at the end of November.

On Tuesday the Senate proposal of the extension cleared a procedural hurdle. On Wednesday a deal reached by some Senators ironed out some potential details of the extension.

It could potentially be an amendment to a bill pertaining to unemployment, but it is unclear whether or not it will be included as an amendment. There is no vote on this measure scheduled as of now, but Senators who back the bill say it could be coming very soon.

There’s been past reports that this extension could extend to April, and then taper off over the quarters, or that there may be some provision for repeat homebuyers as well. Until there’s a vote, we can’t count on specifics. As with the last time the credit was expanded, there was a provision for repeat homebuyers that was stricken to lower spending. The House would have to pass the bill as well.

Many people in the real estate industry are lobbying for this extension. We will be keeping a close eye on it.

More details:

Senators Eye Extending Homebuyer Tax Credit

Senate Democrats Say Have Deal on Homebuyer Tax Credit

Homebuyer Tax Credit Appears Close to Extension

$8,000 Tax Credit Still in Play