Buying a home is about to get cheaper for a whole new crop of homebuyers — $6,500 cheaper.
http://news.yahoo.com/s/ap/us_homebuyers_tax_credit
WASHINGTON – Buying a home is about to get cheaper for a whole new crop of homebuyers — $6,500 cheaper.
First-time homebuyers have been getting tax credits of up to $8,000 since January as part of the economic stimulus package enacted earlier this year. But with the program scheduled to expire at the end of November, the Senate voted Wednesday to extend and expand the tax credit to include many buyers who already own homes. The House is scheduled to vote on the bill Thursday.
Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500. First-time homebuyers — or anyone who hasn't owned a home in the last three years — would still get up to $8,000. To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30.
"This is probably the last extension," said Sen. Johnny Isakson, R-Ga., a former real estate executive who championed the credits.
The homebuyers tax credit is one of two tax breaks totaling more than $21 billion that the Senate included in a bill extending unemployment benefits for those without a job for more than a year.
Not if you make too much money
These "benefits" as always are income capped. If you make too much, i.e. you pay a lot of taxes, then you get NOTHING back. The problem with making money is then you don't belong to a large group anymore. Minority rights?!? Haha, that only applies to the feeble and the needy.
Or the behind the scenes power mongers
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another attempt to pump up
another attempt to pump up the GDP with false numbers eh? well i guess a little false confidence will help us limp a long to 2012, is that what they are after?
“One of the penalties for refusing to participate in politics is that you end up being governed by your inferiors.” Plato
“One of the penalties for refusing to participate in politics is that you end up being governed by your inferiors.” Plato