Monday, November 02, 2009

Congress Closes in on Homebuyer Tax Credit

Legislation to extend a tax credit for first-time homebuyers passed another hurdle today as Senators voted overwhelmingly in favor of a motion that could bring the bill to a floor vote as early as tomorrow, with pressure on the House to do the same.

The new bill would not only extend the credit - now set to expire December 1st - to April 30th, but would increase the scope of qualification for the credit, including those who make up to $125,000 per individual or $225,000 per couple (now capped at $75,000 and $150,000) and even apply those who already own a home. DC buyers have long had a $5,000 tax credit for the purchase of their first home, a credit that cannot be combined with the $8,000 credit. The Treasury Department reports $8.5b in credits since the plan began in February.


Timothy R. Hughes on Nov 3, 2009, 5:45:00 AM said...

I would be very surprised if we do not see the home buyer credit extended. Entry buyers have been the bright spot over the last several months and home sales numbers are finally starting to updraft. They may tweak it on numbers, but odds are good this gets extended.

Anonymous said...

Pump up the bubble. Great idea. Home buyers don't get the benefit. It passes through to sellers who just sell the house for about $20,000 more since a buyer with a tax credit can just afford to leverage more debt. We are Wall Street's peasants.

Anonymous said...

I bought a home in August of this year, but was not eligible due to the $75,000 limitation. If they raise the income limitation to $125,000, can I apply for the credit retro-actively?

Anonymous said...

I think the moral is: don't buy anything until Obama gives you a check to do so.

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