Home Buyers Tax Credit Extended & Improved! - Saturday October 31st, 2009 10:01am
Senators agree to extend homebuyer tax credit
Set to expire at end of November, plan will remain until end of April

WASHINGTON - Senators agreed Wednesday to extend a popular tax credit for first-time homebuyers and to offer a reduced credit to some repeat buyers.

The tax credit provides up to $8,000 to first-time homebuyers but is set to expire at the end of November.

Senators agreed to extend the existing tax credit for first-time homebuyers while offering a reduced credit of up to $6,500 to repeat buyers who have owned their current homes for at least five years, said Regan Lachapelle, a spokeswoman for Senate Majority Leader Harry Reid, D-Nev.

The tax credits would be available to homebuyers who sign sales agreements by the end of April. They would have until the end of June to close on their new homes, said a congressional aide, who spoke on condition of anonymity because he was not authorized to publicly discuss the deal.

Senators were still negotiating the expansion of a separate tax credit that lets money-losing businesses get refunds for taxes paid in previous years, providing them with an immediate source of cash.

Senators in both political parties were hoping to add both tax provisions to a bill that would give people running out of unemployment insurance benefits up to 20 more weeks of federal aid. The Senate could vote on the overall bill as early as Thursday, but lawmakers were still haggling over several unrelated amendments Wednesday evening.

News for Howell, NJ - Sunday June 14th, 2009 7:58am
First-time Home Buyers Grabbing Houses and Tax Credit
Generation Y is excited about a new $8,000 federal tax credit and are jumping at the opportunity to move up and out of their rentals. Many of these home buyers are making offers on homes now due to the time it takes between a contract and a done deal