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Senators Agreed to extend tax credit through April 2010. The Credit was due to expire at the end of November. This agreement will let homeowners who buy a new home and have lived in their residence for five years qualify for a $6500 Tax Credit. Read the article below for all of the details. Great news for the Real Estate industry as well as the overall economy in my opinion.
Nancy
Homebuyer Tax Credit Would Expand to Owners Under Senate PlanOct. 29 (Bloomberg) -- The $8,000 tax credit for first-time homebuyers would be extended and some people who already own residences could claim a benefit under a proposal by Senate Democrats.
An agreement reached yesterday by the Democrats would let homeowners who buy a new home qualify for a $6,500 credit if they have lived in their prior residence for five years, according to Regan Lachapelle, an aide to Senate Majority Leader Harry Reid.
“The compromise we have now would expand the credit beyond first-time homebuyers,” Lachapelle said. Lawmakers expect to consider the measure as part of a bill to extend unemployment benefits, she said. That measure has been held up by a disagreement with Republicans over other proposed amendments.
