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Last night Senators in Washington agreed to extend the popular $8,000 First Time Home Buyer Tax credit until April 30th of 2010. In addition to extending the Tax credit it will also be opened up to existing home owners at a reduced credit of $6,500 as long as they have owned there home for at least 5 years.
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On October 8th 2009 the house of representatives voted unanimously 416-0 to pass the Service Members Home Ownership Tax Act of 2009, which pushes the credit’s current November 30 deadline back an additional year for members of the military, Foreign Service, and intelligence corps who served at least three months of qualified overseas duty in 2009. “This bill makes sure that the brave men and women who put their lives on the line every day get to enjoy the same benefits as every other American who benefits from their service,” said Rep. Charles Rangel, the New York Democrat who introduced the bill. “By extending the first-time homebuyer tax credit for service members overseas, we give these families more time to utilize the benefit, while also helping our economy continue its recovery.”
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As the saying goes all good things must come to an end. Unfortunately that is the case with the $8,000 First-time Homebuyer Tax Credit. The program has been a huge success and has helped the housing market rebound from what some people are calling the bottom. With a hard deadline of December 1st 2009 now is the time to get out and look for the perfect Boston Loft you have been dreaming of.
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