Tax Credit Extended Until April 2010

Tax Credit extended The Senate voted yesterday to pass an extension of the first-time homebuyer tax credit until April 2010. 98 Senators voted in favor of H.R. 3548, with zero votes against (two Senators did not vote). H.R. 3548 is a bill is primarily concerned with extending unemployment benefits. The bill is currently amended to include the extension of an $8,000 tax credit for those buying their first homes as well as an $6,500 tax credit for some borrowers buying a home for a second time. “This critical program has already enabled hundreds of thousands of Americans to become first-time homebuyers,” said Business Roundtable, an association of CEOs of leading U.S. companies. the tax credit can still be removed from the final wording of the bill, if placed under further review. However given recent lobbying efforts in the industry and a feeling of presidential support, this remains unlikely.

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