Monday, June 22 2009
Any of the proposed changes below would be to the advantage of first time buyers and home owners who have a mortgage. We will continue to monitor this proposal and get back to you as soon as we have an update.
Home Buyer Tax Credit Could Expand
A first-time home buyer tax credit of up to $8,000 has helped to move housing inventory during an otherwise sluggish real estate cycle. 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 home buyers, not just first-timers.
Offering a separate tax credit to $3,000 for borrowers who refinance.
Source: USA Today, Stephanie Armour (06/22/09)