First Time Home Buyer $8,000 Federal Tax Credit Extended & Expanded
Posted by Matt Barker on Thursday, November 5, 2009 at 3:37 PM
By Matt Barker / November 5, 2009
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A $24 billion package that seeks both to stir the sluggish economy and help out millions who have found themselves unemployed is being sent to President Barack Obama for his signature.
The measure extends the $8,000 federal tax credit for first-time home buyers and even expands it with a $6,500 credit for some prospective home buyers who already own homes. Set to expire at the end of the month, the credits will apply to house contracts entered into before April 30, 2010, and closed by June 30.
Additionally, the nearly 2 million people who have lost or are in danger of exhausting unemployment benefits before the end of the year will receive up to 20 weeks in additional benefits.
President Obama is expected to sign the measure quickly.
The measure extends the $8,000 federal tax credit for first-time home buyers and even expands it with a $6,500 credit for some prospective home buyers who already own homes. Set to expire at the end of the month, the credits will apply to house contracts entered into before April 30, 2010, and closed by June 30.
Additionally, the nearly 2 million people who have lost or are in danger of exhausting unemployment benefits before the end of the year will receive up to 20 weeks in additional benefits.
President Obama is expected to sign the measure quickly.
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