J. Dudley Schiel

Friday, April 30, 2010

Will the Tax Credit Be Extended?

As the $8,000/ $6,500 homebuyer tax credit contract deadline approaches at midnight tonight, it seems there is one question that is on almost every potential buyers mind right now: Will the homebuyer tax credit be extended? This week I’ve been asked for my prediction countless times. The answer is, of course, that I don’t really know. My gut feeling is that we will not see an extension of the tax credit, at least in its present form. Currently there are no bills pending in the House or Senate and no Congressmen or Senators championing the cause. In fact, several congressmen and senators reluctantly voted for the last extension but vowed they would not vote for another extension for 2010 should it be proposed. As we all know, anything can happen in politics and there’s no guarantee those same legislators won’t waffle or buckle under pressure from powerful lobbies like NAR (National Association of Realtors) or large homebuilders. If any tax credit legislation is proposed it will surely be after the closing deadline for the credit on June 30th. If you have any questions about the current tax credit or possible future extensions feel free to contact me.

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