First Time Home Buyers Tax Credit Extension Update – Expiration Still Nov 30th
Posted on | September 30, 2009 | 2 Comments
The $8000 first time home buyers tax credit extension is still being mulled over in Congress but as of now it is still set to expire on November 30th, 2009. That means that anyone planning on buying a home is going to be too late if they start the home buying process today. It would be very difficult to close on a home by November 30th with the time frame available. Zillow.com has stated that an extension of the first time home buyers tax credit could grow sales by 20%.
Benjamie Cardin, a Maryland Democrat, has introduced a bill, H.R. 1678, to extend the tax credit six months. He states, “““As we are fighting to get our economy back on track, we cannot afford to let lapse an important tool that has had had a positive effect on the housing market. Thanks to this tax credit, hundreds of thousands of Americans have confidently jumped into the housing market for the first time, with $8,000 from the federal government in their family checkbook.”
Make sure to check back in to Subprime Blogger to get your up to the minute news on the first time home buyers tax credit extension. We will be sure to stay on top of the issue and as soon as there is news on the topic we will update it in our current news section. As always, please make sure to return to Subprime Blogger for all your mortgage and financial news. To stay up to date on the current state of finances make sure to bookmark the current news category below. We offer information on everything from getting a lower mortgage rate to increasing your credit score.
Author: Jesse Wojdylo
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2 Responses to “First Time Home Buyers Tax Credit Extension Update – Expiration Still Nov 30th”
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September 30th, 2009 @ 9:28 pm
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October 1st, 2009 @ 11:56 am
Benjamin Cardin is a senator, so he can’t introduce bills into the House of Representatives. According to the Library of Congress, H.R. 1678 is a bill about amending the tax code “to allow a bad debt deduction to doctors to partially offset the cost of providing uncompensated care required to be provided under amendments made by the Emergency Medical Treatment and Labor Act.”