The new home buyer tax credit was so successful that lawmakers and businesses are trying to get it extended past its fall deadline. The same lobbyists are also trying to get it raised from $8,000 to $15,000. According the the National Association of Realtors, first-time homebuyers make up 40% of home purchases. There are several proposals out to Congress, including:
•A Senate bill to expand the tax credit to $15,000 for any home buyer regardless of income was introduced this month by Sen. Johnny Isakson, R-Ga. It is co-sponsored by Senate Banking Committee Chairman Chris Dodd, D-Conn.
•A House bill to keep the $8,000 credit in place until June 2010 and expand it to all home buyers was introduced last month by Rep. Kenny Marchant, R-Texas. It also would provide a $3,000 credit to homeowners who refinance.
•Another bill in the House, introduced by Rep. Eddie Bernice Johnson, D-Texas, would extend the credit to all home buyers through 2010.
Though The White House would not comment, you can read more about the bills at: http://www.usatoday.com/money/economy/housing/2009-06-22-homebuyer-credit-may-be-extended_N.htm