When President Obama signed H.R.3548 – Worker, Homeownership, and Business Assistance Act of 2009, popularly known as the Home Buyer Tax Credit, he effectively extended the federal tax credit for first-time home buyers originally set to expire November 30, 2009 to April 30, 2009, and also extended unemployment benefits to bring relief to the current 10.2% of Americans looking for work. Here’s a closer look at the bill and how consumers will be benefitting from it:
The first time home buyer tax credit now includes a credit for existing home owners that want to upgrade. But is this credit worth it for existing owners?
The first time home buyers credit has been officially extended. There are also some changes which include allowing existing home buyers a credit as well.
Lawmakers are pushing for an extension of the first time homebuyers tax credit. The newest version of the tax credit would piggyback on an extension of unemployment benefits, and would open the credit to all homebuyers.
The last few months have seen an increase in home sales to first time homebuyers, as well as a slight improvement in the real estate market as a whole. Congress is now discussing expanding the tax credit and increasing it to $15,000.
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