Two Proposals in Congress Aim to Extend Tax Credit

October 27, 2009

Daily Real Estate Updates

sudler-sothebys-logo27 October ? The stock market fell off yesterday due to anticipation of the first-time home buyer tax credit coming to an end on December 1st, 2009. There is a glimmer of hope on extending this tax credit. Senate majority leader Senator Harry Reid has proposed to slowly phase out the tax credit by extending it until March, 2010. Under the plan, starting April 2010 the tax credit would be reduced to $6,000 through the end of June. July 2010 the tax credit would be reduced to $4,000 and again in October to $2,000 and by the end of 2010, no more tax credits.

Georgia Republican Senator J. Isakson has proposed extending the tax credit through June 2010. Not only is he proposing this extension, he has has proposed opening up the tax credit to all buyers, not just first time home buyers. He has also proposed to bump the salary limitations from $150,000 to $300,000.

Both proposals would obviously extend the tax credit. Therefore all hope is not lost.

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About Katie Anderson

Katie Anderson is a respected and successful broker at Sudler Sotheby's Realty as well as a certified appraiser. She specializes in representing clients who purchase and sell condominiums, town homes, single-family homes and income property in the Chicago land area. In her small amount time in the real estate game (she became an agent in 2003) she has assisted in excess of 400 deals and over $200 million in sales and continues to use her skills as a certified appraiser. Katie resides in Chicago's Bucktown neighborhood with her loving husband and 4-year-old-daughter, where she spends much of her spare time with her family and friends. You can contact her at katie@thechicago77.com or at andersonbraack.com

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