8000 Tax Credit May Be Extended And Rise

Posted on June 24 By Justin McHood

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One of the most popular topics with new home buyers is the new 8000 tax credit for new home buyers. There is no doubt that for first time home buyers, this tax credit has been a strong incentive to purchase a home - and the entry level home market has seen improvement as a result.

Now there is talk about extending the 8000 tax credit until 2010 and raising it to $15,000 as well.

According to Bernard Baumohl, an economist at the Economic Outlook Group:

"I'm fairly confident that (Congress) will extend the tax credit, because it is so important that housing come back, but raising the tax credit will be difficult because it reduces taxes even more."

Current Proposals:

• A Senate bill to expand the tax credit to $15,000 for any home buyer regardless of income was introduced this month by Sen. Johnny Isakson, R-Ga. It is co-sponsored by Senate Banking Committee Chairman Chris Dodd, D-Conn.

• A House bill to keep the $8,000 credit in place until June 2010 and expand it to all home buyers was introduced last month by Rep. Kenny Marchant, R-Texas. It also would provide a $3,000 credit to homeowners who refinance.

• Another bill in the House, introduced by Rep. Eddie Bernice Johnson, D-Texas, would extend the credit to all home buyers through 2010.

Generally speaking, it seems to be a very popular idea to extend the tax credit deadline and a somewhat popular idea to increase the tax credit from 8000 to 15,000 -- but, as we learned when the initial tax credit was passed into law, it ain't over until it is over -- so anything can happen.

There isn't much time left for free government cash!

Find out if you qualify for a loan today by filling out our short form! Click HERE.

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