Senate passes home buyer tax credit legislation

bungalow

Yesterday (November 4th), the Senate passed legislation to extend and expand the home buyer tax credit. The $8,000 first time home buyer tax credit continues; AND adding a “move up” buyer tax credit of $6,500 (both to sunset April 30, 2010). The new legislation is certainly going to continue helping first time home buyers, as well as helping many move up home buyers who are struggling with their own liquidity.

Surely, many home buyers will take advantage of the tax credit to assist them in their purchases. Although there is a direct and immediate effect of the home buyer credit, many continue to debate its affects. Many have voiced their opinion about the pros and cons.

By Dan Krell
Copyright © 2009