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Saturday, February 23, 2008

Democratic Debate: 2/21/2008

Only 100 public seats were available to the debate, and 48,000 citizens joined the lottery to get in. Needless to say I wasn't one of the ones to get in...

viva political theatre!!!

Expanded Homebuyer Tax Credit Pending in Senate

Senate leaders have agreed on an extension of the $8,000 first-time homebuyer tax credit along with a new $6,500 tax credit for move-up buyers, but it is unclear when the chamber will vote on the measure. The credit extension would run from Dec. 31, 2009 through April 30, 2010 and give buyers with a binding contract an extra 60 days to close. The tax credit extension raises the income limits to $125,000 for single-filers and $225,000 for joint filers. This applies to first-time and repeat buyers. To qualify for the $6,500 tax credit, repeat buyers must have used a previous home as a principal residence for five of the previous eight years. The Obama administration said it supports an extension of the first-time homebuyer tax credit. "In extending the tax credit, we urge Congress to include strict measures to combat tax fraud and protect responsible homeowners," Treasury secretary Timothy Geithner said. The tax credit extension is expected to be attached to a bill extending unemployment benefits by 20 weeks. Still, it is unclear when the Senate will pass the extension bill (H.R. 3548), despite broad bi-partisan support. The current $8,000 first-time homebuyer tax credit is set to expire Nov. 30.

Saturday, February 23, 2008

Democratic Debate: 2/21/2008

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Expanded Homebuyer Tax Credit Pending in Senate

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