Senator Harry Reid

East Bay Real Estate News: Housing Tax Credit To Be Extended?

Tax Credit Update From Jim Walberg: Last week I sent out the alarm for home buyers to take action or lose out on the Federal tax credit that is ending November 30^th.  Today Senate Majority Leader Harry Reid said that the Senators have actually agreed to extend the First Time Homebuyers Tax Credit past November 30^th.  The proposal on the table has the $8,000 credit extended until April 30, 2010.  PLUS, a $6,500 tax credit would be given to homeowners who have lived in their house for the past five consecutive that purchase their next primary residence.  The credit would be available to individuals who make less than $125,000 a year,  or couples who make less than $225,000.  This is $50,000 to $100,000 more than the last income ceiling in order to qualify.  A strategy that is being proposed in order to have it accelerate through Congress is by attaching the bill to the one extending unemployment benefits – a smart move by Senator Reid. Read more