Extension of the First-Time Homebuyer Tax Credit?

One way the government has recently tried to infuse some life into the faltering housing market was by giving a tax credit to first-time homebuyers as part of the Housing and Economic Recovery Act of 2008.  Initially the credit was for $7,500 and was more of a zero interest loan that had to be repaid over the course of fifteen years.  The credit was quickly amended for 2009 eliminating the repayment aspect and increasing it to $8,000. 

Almost since the day it was written into law there have been rumblings of the credit being extended beyond the expiration date of November 30, 2009 and that it would either extend to all home buyers and/or increase in size.  These rumblings have surfaced because many bills, almost a dozen, have been introduced into Congress trying to implement these changes.

The most recent bill to be introduced is Senate bill 1678.  This bill extends the tax credit in its current form until May 31, 2010.  We would be surprised if it, or something very similar, didn’t pass prior to the expiration of the credit on November 30.  But, until something does pass we are working very diligently to get our clients in their homes prior to the deadline.

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