US Senate Plans To Revise, Extend, & Expand First Time Home Buyers Tax Credit

By Editor · on October 28th, 2009 ·

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US Senate looking To Revise, Extend, & Expand Home Buyers Tax Credit
US Senate looking To Revise, Extend, & Expand Home Buyers Tax Credit

Both Top Democrats and Top Republicans are both in favor of extending the First Time Home Buyers Tax Credit.  The current Home Buyers Tax Credit is set to expire on November 30th, 2009.  However it is unclear as to when Congress would act.

The Senate Majority Leader Harry Reid stated that both Democrats and Republicans are in favor of extending the tax credit.  The Senates top Republican Mitch McConnell also stated that most senators are in favor.

Several prominent senators have agreed on Extending The Tax Credit through the end of April, 2010. They also agreed to expand the tax credit to cover repeat buyers who have been in their home 5 out of the last 8 years. First time Home Buyers would continue to get the $8,000 tax credit, while repeat buyers purchasing a primary residence would be eligible for a $6,500 tax credit. Credit would be extended to individuals making $125,000 a year, as well as couples making up to $225,000 a year.


Northern Virginia Real Estate Times

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This entry was posted on Wednesday, October 28th, 2009 at 5:13 pm and is filed under Alexandria Virginia Home Buyers, Arlington County Virginia Home Buyers, Clarke County Virginia Home Buyers, Fairfax County Virginia Home Buyers, Fauquier County Virginia Home Buyers, Frederick County Virginia Home Buyers, Loudoun County Virginia Home Buyers, Northern Virginia Home Buyers, Prince William County Virginia Home Buyers, Washington DC Home Buyers. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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