Senator Isakson Explains Tax Credit Extension Legislation

Updated information! As of Nov. 6, 2009, the 8000 First Time Homebuyers Tax Credit has been extended.

The first-time homebuyer tax credit that began mid 2008 has generated almost 350,000 sales of homes and has basically been the backbone for holding the housing market together – some might say. With the expiration date quickly approaching on November 30, there has been a lot of commotion about whether or not it should be extended. Congress is debating the pros and cons as we speak and they need to know your opinion. The results will have a huge impact on the real estate market.

The proposed legislation from Senator Isakson has been heavily debated. His proposal will extend the tax credit through June of 2010. To some this seems like a great idea, but others are a little more hesitant about the new proposal. Many of us have questions such as where will we get the money to carry this out? Well the time has come for you to do your research and speak your mind.

Congress will make their decision on the home buyer tax credit extension soon, maybe even this week, so it’s time to contact Congress and show your support. With the current situation of the economy, this extension may be what we need to help keep the housing market afloat. With the success it has had in the previous months, it makes sense to keep it going. And Senator Isakson isn’t just proposing an extension, he’s also proposing broadening the criteria in terms of income and possibly even increasing the $8,000 credit to a larger amount as well as tweaking some other aspects of this homebuyer incentive – see his video below for more details.Whether or not you’re house hunting, this extension will affect the housing market and the economy as a whole. You’ll want to be sure to contact Congress to show your support.