$15,000 First Time Homebuyer Tax Credit on the Way?

Saturday, October 10, 2009

Under this new proposal from ALL home buyers would be considered, not just new or first time her own house. While most agree that the current plan was beneficial to support a housing recovery, many have complained that it didn''t reach as many potential home buyers ready to buy.

Alongside the expansion of ALL home buyers would be the new proposal will also eliminate the existing income qualifications. Current income qualifications have been set up as a roadblock to see the full potentialthe existing tax credit. In order to qualify the full benefits under the current plan, individual taxpayers are porridge annual income less than U.S. $ 75,000 and married couples have incomes below $ 150,000 a pulp.

Some have for the expansion of the power to hold up to 15,000 U.S. dollars. It seems bipartisan support, including Banking Committee Chairman Chris Dodd, D-Conn.

Think you set it to expire, the existing First-Time Homebuyer Tax Credit to 12/1/09. This means that youto close the transaction for the home purchase on 11/30/09. Time is running out.

This is certainly an issue the highest priority on K Street in DC on their return from Labor Day holiday, as many fear the expiration of the current first time home buyer program (or threaten a housing recovery) at least stabilize, which is displayed on the road be. As much as 40% of house purchase transactions in 2009 have the first time, her own house rushed to take advantage of existing taxCredit.

Stay tuned!