H.R.2801 or the Home Ownership Moves the Economy (HOME) Act of 2009 was introduced by Rep. Howard Coble, Republican from North Carolina on June 10, 2009. It is currently being reviewed by the House Committee on Ways and Means.
This bill Amends the Internal Revenue Code to:
- Extend the first-time homebuyer tax credit to all individuals who purchase a principal residence (currently, only first-time homebuyers as so defined);
- Extend such credit and the waiver of recapture requirements for such credit through 2010; and
- Repeal the limitation on such credit based on modified adjusted gross income. (No income limitations)
This bill still has several steps to go through before it is considered law, which includes being reported by the committee, House vote, Senate vote, signed by the President. So the bill is still in it’s infancy. In my opinion this would be fantastic as it would help an area of the real estate market that really needs it which is the $300k + range that first time home buyers are not in.
But, if you are a first time home buyer, I would not wait until this is passed to take action. This is the Government we are talking about here. As it stands, if you are not looking for homes by September 1st, you are in real danger of missing the boat on the current, and only tax credit available.
To set up a 20 point, initial Home Buyers Consultation with me, just contact me.
Be informed, read the entire bill
Tags: $8000 Tax Credit, Federal Tax Credit, First Time Home Buyer
