It is quite possible that it could not only be extended, but also expanded. There is at least one proposal making its way through the legislative process that would extend the 8000 tax credit to all home buyers (not just first time home buyers) and also make it $15,000 rather than $8000.
The piece of legislation is called the Home Ownership Moves The Economy ACT and is officially known as HR 2801. Even though it hasn’t been passed and has a ways to go, anything can happen in the process.
“H.R. 2801 (111th Congress) 2009-2010 Home Ownership Moves the Economy (HOME) Act of 2009, is a bill sponsored by Howard Coble, a U.S. Representative from North Carolina’s 6th District. Representative Coble’s bill’s goal is to extend the tax credit into 2010 as well as allow all home buyers take advantage of the tax credit.”
The official summary of the bill that was introduced on 6/10/2009 states:
Home Ownership Moves the Economy (HOME) Act of 2009 – Amends the Internal Revenue Code to:
(1) extend the first-time homebuyer tax credit to all individuals who purchase a principal residence (currently, only first-time homebuyers as so defined);
(2) extend such credit and the waiver of recapture requirements for such credit through 2010; and
(3) repeal the limitation on such credit based on modified adjusted gross income.
Will the 8000 tax credit get extended? In Washington, anything could happen – and expect this to be a fight as the
deadline for the 8000 tax credit gets closer.
To Get Matched With a Lender, Click Here»