Will The First-Time Home Buyer's Tax Credit Be Extended? Update
The first-time homebuyer's $8000 tax credit is getting cred. Home sales are up in almost all markets accross the country, with the majority of sales being first-time homebuyers. But many economic experts think its not enough. Many believe that the housing market got us into this economic downturn, and the housing market will lead us out. It seems that lawmakers agree, and are taking action.
There are currently 2 bills up for discussion in the House of Representatives, and 1 bill in the Senate, proposing the expansion and or extension of the tax credit:
Rep. Kenny Marchant, R-Texas, proposes extending the tax credit to June 2010, adding a $3000 tax credit to homeowners who refinance.
Rep. Eddie Bernice Johnson, D-Texas, would extend the credit to all home buyers through the entire year 2010.
Sen. Johnny Isakson, R-Ga. proposes extending the tax credit to all home buyers, regardless of income, and increasing it to $15,000. This bill is co-sponsored by Senate Banking Committee Chairman Chris Dodd, D-Conn.
It seems that there is growing bi-partisan support for a continued stimulus of some amount. We're very interested to see the final outcome, and of course, we'll keep you posted.
RELATED POST: More on the Extension/Expansion of the First-Tme Home Buyer's Tax Credit
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The Highland Group
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