News updates, rumors, fact and fiction have been flying around regarding the extension of the first time home buyer tax credit. As of today, Wednesday, October 28th 8:06 EST, these are the facts regarding the extension of the $8000 first time home buyer tax credit as reported by CNBC. If you're reading this post after the 28th chances are there are more facts and fiction I have not yet reported.
The summary of today's updates regarding extending the first time home buyer tax credit.
Fiction = The extension of the $8000 first time home buyer tax credit has passed a vote.
Fact = The tax credit has not yet been extended. A vote was set to occur this week but may be delayed until next week. Specifically, Republican Senator Mitch McConnell stated, "(the) Timing of a Vote is Uncertain."
Fact = Top Senate Democrats and Republicans have voiced support for Extending the tax credit although there has not been a vote on the measure
Fact = The newest measure will extend the tax credit through the end of April 2010.
Fact = The new measure will have increased income caps for both individuals and couples. Individuals making up to $125,000 and couples making up to $250,000 per year will qualify for the tax credit.
Fact = The tax credit will be $8000 for first time home buyers and $6500 for repeat home buyers. What isn't clear is the time line for repeat home buyers will all buyers from 2009 be included or only those purchasing after the measure passes.
Fact = There are plans to attach the home buyer tax credit as an amendment to legislation designed to lengthen insurance benefits for unemployed workers
Hopefully, this clears up some of the confusion for home buyers here in Bend, Oregon or else where. Remember home buyers, bills may be amended as they pass through the House and Senate. These are the facts regarding the proposed legislation not the outcome. If you remember last spring repeat home buyers were included in the tax credit as well, but it did not pass.
Stay tuned for more updates on the first time home buyer tax credit and the repeat home buyer tax credit.