While it has not yet passed, the Senate has agreed to extend the first time homebuyers tax credit until April 2010. The $8000 credit is good for homebuyers who have not owned a home in the previous three years. Homes would need to come under contract by the end of April and close by the end of June.
Sadly, popular bills like this one often attract amendments, such as ACORN funding, along with them, a process which I think should be done away with., but for now, it is the way Washington works. The homebuyers tax credit has a unemployment extension amendment on it. Republicans want unemployment benefits verified through e-verify to show citizenship, majority leaders do not. There is also a ‘tax provision” that may help previous homeowners and businesses loosing money.
Stay tuned …… we shall see what happens with the Tax Credit.
More Information on the $8000 Tax Credit
HUD Announces $8000 Tax Credit Can go to Closing Cost, etc.
It Is Law Now, But What Is It? Clues to the $8,000 Home Buyers Tax Credit.
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