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Could the Tax Credit Be Extended Again?

Posted on Feb 22nd, 2010

Image for Could the Tax Credit Be Extended Again? The pressure is increasing on Congress to renew the homebuyer tax credits for a third time.

The first $7,500 tax credit was passed in 2008 and required first-time buyers to repay the credit over 15 years. A few months later in 2009, Congress expanded the credit to a maximum of $8,000 that didn’t have to be paid back.

At the end of last year, Congress extended the benefit again until April 30 with an extra two months on top of that to close. A new credit of $6,500 was added for move-up buyers, too.

Now representatives of the housing industry are lobbying for another extension.

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Skip Adams, CSP wrote:
The housing market is still fragile, the tax credit is working and we all need to eat. Keep it going.

on Feb 23, 2010 at 9:00 am

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