Congress Moves to Extend the Tax Credit to on group of Americans
Pressure sure is mounting for Congress to extend the first-time home buyer tax credit which is currently scheduled to expire on November 30th. While that’s only just a few short weeks away, it happens to be “just enough time” to close on a home in time to qualify as long as you’re making the decision to purchase now and getting offers accepted in the next few days. But the looming question is “will the tax credit be extended?”
First and most importantly, DON’T MISS THE TAX CREDIT opportunity waiting for an extension. If you’re planning on purchasing a home and the first time home buyer tax credit is a primary influence on your decision to buy a home, then what are you waiting for? While we all have high hopes in seeing an extension pass, the future holds no guarantees other than $8,000 in your pocket if you act swiftly NOW and make the current deadline in place.
The New York Times quoted Moody’s Chief Economist Mark Zandi recently stating that by the time the credit actually expires, it will have been responsible for 400,000 out of 1.4 million sales of new and existing homes. According to Democratic leaders in Congress, this strong data is adding pressure to congress to potentially extend the credit to “all” home buyers, while leaving the current tax credit amount and income caps in place.
In the mean time, the House voted unanimously on Monday, 416-0 to extend the tax credit through 2010 - the tax credit benefits of the first time home buyer tax credit to military intelligence, and diplomatic personnel who have been outside the United States on active duty for at least 90 days in 2009.
Keep tabs on that bill HR 3590 here.
Home ownership as long been the great American dream. It is our great honor that we may serve our military families in the purchase or sale of their home. Please contact and let us know how we can be of outstanding service to you. To start searching all Oregon homes, you’ll find ALL listings at www.SherwoodHomesandLand.com
Jason and Amber Gardner, The Gardner Team
(971) 832.1234 | jasongardner@johnlscott.com
