News Details
Push to expand homebuyer tax credit
06/29/09 - WASHINGTON – June 24, 2009 – A first-time homebuyer tax credit of up to $8,000 has helped to move housing inventory during an otherwise sluggish real estate cycle, according to industry analysts. Now both legislators and the business community are hoping to build on the incentive’s success by expanding it.
A number of bills have been introduced in the House and the Senate that lobby for an expansion of the measure. Among the proposed changes:
* Setting a new cap of $15,000.
* Extending the tax break into mid-2010.
* Making the benefit available to all homebuyers, not just first-timers.
* Offering a separate tax credit to $3,000 for borrowers who refinance.
Source: USA Today, Stephanie Armour (06/22/09)