Tax credit on home purchase may become better for EVERYONE!
July 2, 2009 by Teresa Smith · Comments
As most of us know, the current tax credit that is being given to first time home buyers (within certain income brackets) will be expiring 11/30/2009. Well, it seems that there is much discussion in regards to extending that date, increasing the credit $, and making this available to more people. Within the past 2 months a few new proposals were brought to Congress. They are as follows:
•A Senate bill to expand the tax credit to $15,000 for ANY home buyer regardless of income was introduced last month.
•A House bill to keep the $8,000 credit in place until June 2010 and expand it to ALL home buyers was also introduced recently.
•Another bill in the House would extend the credit to ALL home buyers through 2010.
The common thread with all 3 of these proposals is limiting(or simply removing) all restrictions. Some of our government officials would like to see this tax credit applied to EVERYONE. No income caps or limitations if you currently or recently have owned a home. Regardless if you think this is good or bad for the economy, these are current issues. I will certainly watch this closely and post an update when more information is revealed.
If you are interested in beginning your home search, or have questions in regards to the current tax credit, please call or e-mail.
Cordially,
Teresa Smith
REALTOR/CNE
cell # 602-430-8439/ e-fax # 602-513-7197
HomeSmart Real Estate
BuyerTours Team/ Buyer specialist
teresa.smith@scottsdaleparadise.com
