Some interesting news about a possible extension of the $8,000 first-time home buyer tax credit came out today. A decision could come as early as this week, but the credit may take on a slightly different different form. The plan under consideration is sponsored by Senate Majority Leader Harry Reid and Senate Finance Committee Chairman Max Baucus. Here is how it would work:
- For first-time homebuyers who purchase a home between Dec. 1 2009 and March 31, 2010: The credit would be as it is now, worth a maximum of $8,000.
- For those who buy between April 1, 2010 and June 30, 2010: The credit value would fall to a maximum $6,000.
- For those who buy between July 2, 2010 and Sept. 30, 2010: The credit value would fall to a maximum $4,000.
- For those who buy between Oct. 1, 2010 and Dec. 31 2010: The credit would go down $2,000, but it’s unclear when it would end.
This incarnation of the credit would also raise the income cap to $300,000 for joint filers from the current level of $150,000.
There have been other proposals concerning the tax credit, but they’ve run into some roadblocks. The proposed amendment has been offered to the Legislature Tuesday with the goal of having it pass the Senate on Wednesday and the House on Thursday. We will keep you posted.
In the meantime, look over our inventory for the Raleigh, Clayton and Fuquay Varina areas. We will be glad to help you with your decision about buying your home. Give us a call. Happy house hunting !