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Tuesday, October 27, 2009

Update on Housing Tax Credit

by Calculated Risk on 10/27/2009 03:56:00 PM

Here is more on the housing tax credit debate ...

First, from Reuters: Democrats Agree to Extend Home-Buyer Tax Credit: Dodd

"We're close, we're close but I can't get into any details until it's a done deal," said Republican Senator Johnny Isakson.
Dodd and Isakson want to extend the credit through June of next year and broaden it to anyone buying a primary residence, not just first-time buyers.
I've heard reports that the "phase out" proposal is off the table, and the tax credit will run through April (backers of course will then try to extend it again). The latest report is the credit would be expanded with higher income limits, and would include certain move-up buyers (those who have lived in their current home for some number of years - perhaps five or more).

The details are changing constantly ...