Tax Credit for Home Buyers Could Expand

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The recently passed $8000 tax credit for first-time home buyers has been a spark in an otherwise sluggish housing market.  It has helped to move inventory and reinvigorate a struggling industry.  Now both the business community and legislators are hoping to build on its success.

A number of bills introduced in both the House and Senate hope to expand the credit and its follow-on effect.  Among the proposed changes are:

  • Raising the cap on the credit to $15,000.
  • Extending the deadline for using the credit until mid-2010.
  • Making the credit available to all home buyers, not just first-time home buyers.
  • Offering a separate tax credit of $3,000 for borrowers wanting to re-finance.

Note: First-time home buyers are those individuals who have not owned a primary residence in the last three years.

For more information on this and real estate sales activity on Singer Island, Florida contact Jeannie at 561-889-6734 or email her at [email protected]

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