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]