Is the 8000 tax credit going to get extended?
It might.
Currently there is at least one piece of legislation in place that if passed could not only extend the 8000 tax credit, but it would also increase it to a $15,000 tax credit and be available to all home buyers, not just first time home buyers.
The piece of legislation is HR 2801 and although it has a ways to go before passing, it is possible that it will pass.
“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.
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