Senate likely to extend homebuyers’ tax credit
October 30, 2009 by Elad Bushari · Leave a Comment
Washington (CNN) — Senate leaders have reached a tentative deal to extend the first-time homebuyers’ tax credit that was originally passed earlier this year as part of the stimulus bill, Republican and Democratic sources told CNN on Wednesday.
The agreement would extend and expand the credit to include current homeowners who want to move, according to the sources.
The original credit in the stimulus bill is set to expire at the end of November and offers a tax credit of $8,000 to first-time homebuyers.
Senate sources told CNN they have tentatively agreed to extend that $8,000 credit for first-time buyers until the end of April. In addition, they are adding a $6,500 credit for some current homeowners who buy a new residence by then.
To qualify, current homeowners must have lived in their primary residence for five continuous years.
Senators have not agreed on how the tentative deal would come up for a vote, but sources from both parties said they are considering adding the housing credit to a bill that would extend unemployment benefits.
House Speaker Nancy Pelosi has indicated she also is interested in extending the homeowner credit, but House leaders have yet to endorse any one bill.
the Broker of Bushari Group Real Estate, a boutique luxury real estate firm specializing in the metro Boston area, Cambridge and Brookline. Elad believes in superb customer service and strives to exceed expectations at every opportunity. Elad was one of the top 30 brokers in the nation under 30 years old (Realtor Magazine, June 2009) and one of the top 25 Real Estate Agents in the metro Boston area in 2008 (according to MLS PIN). In his free time, Elad enjoys snowboarding, scuba diving and is an avid world traveler. Elad can be reached at (617) 529-7079.
