You know what they say in Congress, if it’s not broke (enough), keep trying until it is…
So, with that in mind, Senate Majority Leader Harry Reid (D-NV) has announced an extension of the first time homebuyer’s credit.
Despite evidence that the credit has been used inappropriately – and perhaps criminally – lawmakers have agreed to extend the credit through the end of April. In addition to the expanded credit for first time homebuyers, a reduced credit of $6500 would be available to home buyers who have been in their current residence for a consecutive five-year period in the past eight years.
Income limits under the new bill would be increased to $125,000 for singles and $250,000 for couples, from the current $75,000 and $150,000. The credit phases out for people making more than those amounts.
Does that cover everybody? Does everyone get a tax credit now? Cause we wouldn’t want to be handing out that free money and leave someone out.
And the National Association of Realtors? They’re sleeping well? Good.
But just to make sure it passes, the bill is reportedly being tacked on to a measure that would extend unemployment benefits. Of course. Because nobody would vote against the jobless.
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