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Senate Passes Extension for $8,000 Buyer Tax Credit

Senate Passes Extension for $8,000 Buyer Tax Credit

avatarthumbnail.jpgWe’re one step closer to seeing the $8,000 tax credit for first-time home buyers extended for another few months.

The Senate on Wednesday passed a wide-ranging bill that including multiple measures, including an extension of the $8,000 tax credit for first-time home buyers through April 30, 2010. Under this bill, buyers would need to close escrow on their new homes no later than June 30.

The current $8,000 tax credit is due to expire November 30.

In addition, the bill adds a $6,500 tax credit for homebuyers who have been in their homes for at least five years; the idea behind this second credit is to encourage the all-but-extinct so-called “move up” buyer to take the plunge, sell their home and take advantage of lower pricing to move into a larger house.

This bill still needs to be passed by the House and signed by President Obama but, if the 98-0 vote in the Senate is any indication, final passage is a fait accompli.

Unanswered is the question of whether this is good policy; consider that answer deferred until next spring when hopefully Congress will let the soon-to-be-passed tax credit expire once and for all.

[tags]Phoenix real estate, home buyer tax credit[/tags]

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