Senate agrees to extend and enhance Homebuyer Tax Credit

MSNBC reported last night that the US Senate has voted to extend the $8,000 First-Time Home Buyer Tax Credit through April.  It still needs to pass vote in the House, but the Senate has historically been the difficult vote to win on spending issues, so it is expected that this will go through.

In addition, the Senate also voted to offer a reduced credit of up to $6,500 to repeat buyers who have owned their current home for at least five years.

These credits would apply to all sales contracts signed by the end of April and closed by the end of June.

There are apparently questions as to whether these credits take affect immediately, start when the previous credit ends at the end of November or begin at the start of the new year, but this vote is a terrific step in continuing the bolstering of the US housing market.

This entry was posted on Thursday, October 29th, 2009 at 9:22 am and is filed under Buying, Grants & Tax Credits. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.