According to a recently published USA Today® article, lawmakers and businesses are requesting an extension for first-time homebuyers. The article states that first-time buyers make up 40% of home purchases, according to the National Association of REALTORS® (NAR), which is about 5 percentage points higher than the past historical average. Bernard Baumohl, an economist at the Economic Outlook Group, says, "I'm fairly confident that (Congress) will extend the tax credit, because it is so important that housing come back."
There are several proposals in congress right now. Some include:
Click here to read the full article and learn more about the tax credit and other proposals.
- A Senate bill to expand the tax credit to $15,000 for any home buyer regardless of income
- A House bill to keep the $8,000 credit in place until June 2010 and expand it to all home buyers
- Eliminating the income caps for singles earning more than $95,000 a year and couples who earn more than $170,000
Click here to read the full article and learn more about the tax credit and other proposals.
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