Nov. 5, 2009 - US Senate passes tax credit extention

Credit would extend into next year

In a US Senate vote of 98-0, legislation tied with extending unemployment benefits passed today that would also extend first-time buyer tax credits into the new year. The House of Representatives joined the Senate in passing the legislation, today. This legislation would extend the $8,000 homebuyer tax credit to contracts signed by April 30 and closed by June 30. The controversial credit, which many say has boosted home sales in recent months, was set to expire after Nov. 30. The Senate's bill also creates a $6,500 credit for those who buy a home after living in their current house at least five years. That measure would also apply to contracts signed by April 30 and closed by June 30. The current credit defines a first-time homebuyer as someone who has not owned a residence within the past three years.  The bill now goes to President Obama for his signature.  Click here to read more.

This is the stimulus needed in the local housing sector that will not only encouage first time buyers but add incentive for current homeowners to move-up to larger homes. Congress should be applauded for today's actions.