MarketWatch.com Report on Tax Credit Developments

244426 Resource 178435 178982 178982 1256777812066 1256777812066 Controlled Home-Buyer Tax Credit Extension Moves Forward in Senate

Fate of first-time homebuyer tax credit still uncertain

I may have to “eat my hat” on this issue. <a title="Previous post on tax credit extension" href="/public/item/244029" target="_blank">I’ve said for a couple of months now that the First-Time Homebuyer Tax Credit, which has allowed buyers $8000 on home purchases in Flagstaff, is unlikely to be extended beyond its scheduled expiration on November 30.</a> But Senate Majority Leader Harry Reid said today that Democrats had reached agreement to extend the credit through next April and expand it to repeat buyers. Details are unclear at this point, but Reid wants to attach this bill as an amendment to the pending bill to extend unemployment benefits, which has broad support in Congress. Differing news reports today indicate that a compromise on the tax credit would involve reducing the credit to first-time home buyers by about 10% and extending a credit to repeat buyers of up to $6500. First-time buyers should still make it their goal to close a purchase by November 30 to get the maximum tax credit. As more details become available, you’ll be able to read them here. If the tax credit is extended, it’ll just prove what my friends already know: I’m not a political expert. But home sales are my business. Call me if you want to buy or sell a Flagstaff home -- and don’t ask my political advice! 9 application/xml false Flagstaff home sales home buyer tax credit MarketWatch.com Report on Tax Credit Developments No bill formally under consideration yet, but with the majority leader behind the plan, likelihood of passage appears to be improved. http://www.marketwatch.com/story/deal-struck-to-expand-homebuyer-tax-credit-2009-10-28 Mozilla/4.0 (compatible; MSIE 8.0; Windows NT 6.0; Trident/4.0; GTB6; SLCC1; .NET CLR 2.0.50727; .NET CLR 3.5.30729; OfficeLiveConnector.1.3; OfficeLivePatch.0.0; .NET CLR 3.0.30729) 127.0.0.1 127.0.0.1 aheitland 75.160.24.218 false true false false true 178975 false false true false false false true 244491 Resource 178975 178982 178982 1256843409330 1256843409330 Controlled Details as Reported to Realtors® this Morning

National Association of Realtors® member alert this a.m. confirms essense of the post

Here's what the National Association of Realtors® sent to its members, urging them to continue lobbying calls: "Senate leaders of both parties and key Senate Finance Committee members and staff, and tax credit sponsors Dodd-Lieberman-Isakson have agreed on extending and expanding the housing tax credit. However, there is no agreement on how to attach this tax credit to the pending Unemployment Insurance bill, or whether to offer the tax credit agreement on another bill, or whether to bring the agreement to the Senate floor and vote upon it as a separate, stand alone bill. And after Senate action, the tax credit must go to the House of Representatives for action." 10 application/xml false Mozilla/4.0 (compatible; MSIE 8.0; Windows NT 6.0; Trident/4.0; GTB6; SLCC1; .NET CLR 2.0.50727; .NET CLR 3.5.30729; OfficeLiveConnector.1.3; OfficeLivePatch.0.0; .NET CLR 3.0.30729) 127.0.0.1 127.0.0.1 aheitland 75.160.24.218 false true false false true 178435 blog blogsite/BestFlagstaffHomes/web