Senate Bill extends homebuyer tax credit for six months.

The following is from

A senate bill introduced late Thursday would extend the $8,000 first-time homebuyer tax credit for six months after its current November 30 expiration date.

Maryland Democrat Sen. Benjamin Cardin introduced S.B. 1678, and it is co-sponsored by senators John Ensign (R-Nev.), Johnny Isakson (R-Ga.), Senate majority leader Harry Reid (D-Nev.) and Debbie Stabenow (D-Migh.).

“As we are fighting to get our economy back on track, we cannot afford to let lapse an important tool that has had had a positive effect on the housing market,” Cardin said in a release on his Web site. “Thanks to this tax credit, hundreds of thousands of Americans have confidently jumped into the housing market for the first time, with $8,000 from the federal government in their family checkbook.”

Cardin added: “A six-month extension is a fiscally responsible way to provide adequate time to nudge even more prospective home buyers off the sidelines and closer to owning their part of the American Dream.”

The bill would not change anything on the tax credit except its expiration date, although at least one housing industry group is calling for an expansion of the credit and another, the National Association of Realtors (NAR), has urged an extension of the tax credit.


File Under: Don’t mess with the NAR