Wednesday, October 28, 2009

Senate Eyes Expanded Homebuyer Tax Credit

Senate leaders are nearing agreement on a six-month extension of the $8,000 first time homebuyer tax credit. It appears the tax credit will be expanded to more buyers and the income limits will be raised.

The current tax credit is limited to first-time homebuyers and expires November 30. Details are still being worked out. But the tax credit extension is expected to be rolled into a manager's amendment and attached to a bill that extends unemployment benefits (H.R. 3548).

The Senate is slated to vote on ending a filibuster Tuesday evening so that the senators can vote Wednesday on H.R. 3548 and send the extension bill back to the House of Representatives.

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