Time Running Out for First-time Home Buyer Tax Credit

Meanwhile, support is growing in Congress to extend or even expand the program. They already extended the deadline for Service members who were overseas.

Palm Coast, FL – October 9, 2009 – The $8,000 tax credit for first-time home buyers expires on December 1, 2009. The National Association of Realtors® (NAR) estimates that the program has been responsible for between 355,000 and 400,000 additional home sales. Support is growing in Congress to extend or even expand the program.
The House has already passed a bill extending the first-time buyer credit another year for members of the military, Foreign Service, and intelligence corps that served at least 3 months of qualified duty overseas in 2009.
While most proponents favor a simple extension of the existing credit, others prefer an expansion to include all buyers of primary residences. Republican minority whip, Eric Cantor (VA), supports both an extension of the home buyer credit to all principal residences and an increase of the credit to $15,000.
Support for an extension of the existing credit appears strong among the House leadership. Included in the list of those voicing support are House Speaker Nancy Pelosi, D-Calif., and Charles Rangel, D-NY. But Representative Louise Slaughter, D-NY, and chair of the House Rules Committee is against an extension. She favors spending money on infrastructure.

On October 5th, White House Press Secretary Robert Gibbs acknowledged that "there has been quite a bit of success" with the $8,000 tax credit, and added that President Obama is considering extending it to help strengthen the economy and create jobs.

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