New Bills to Extend the Homebuyers Tax Credit

Everyone wants the First Time Homebuyers Tax Credit to continue. Right now there are a couple options being offered by our friendly politicians. Here’s two:

New Bill Seeks to Extend (and Expand!) the Home Buyer Tax Credit: What do new homebuyers and millionaires have in common? They may both have access to a $15,000 homebuyer’s tax credit. Starting this December, the $8000 homebuyers’ tax credit may not only extend to all homebuyers, but nearly double in amount. The S 1230 bill proposed by Johnny Isakson will help stabilize the housing market by spurring an interest for homes, especially those lower than $150,000. It not only allows first time buyers access credit, but also claims it will extend the deadline from November 30 to one year after signing. Isakson’s efforts have been endorsed by the National Association of Realtors and the Housing Working Group of Business Roundtable.

and

Home Ownership Moves the Economy(HOME) Act of 2009. HR 2801 was introduced by Howard Coble (R-NC). It would continue the current tax credit for first time homebuyers set to expire on December 1, 2009, with a couple of notable changes:

1. Income restrictions would be removed
2. Buyers do not need to be first time buyers

Stay tuned! There may be many more. But one thing for sure is they are working on it.

If you are uncertain whether to take advantage of the First time homebuyers credit and buy Tampa Bay property, give us a call and discuss it with us.

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