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 August 26, 2009

Bills Presented to Extend First-Time Buyer Homebuyer Tax Credit
The current $8000 first-time buyer tax credit is currently available through November 30 of this year. Bills are currently pending in both the House of Representatives and the Senate to extend this credit.
The chairman of the Senate Banking, Housing and Urban Affairs committee, Senator Christopher Dodd, (D) of Connecticut is the co-sponsor of a bill along with Senator Johnny Isakson (R) of Georgia which would increase the amount of the tax credit to a maximum of fifteen thousand dollars.

The Senate Majority Leader, Harry Reid (Nevada) is in favor of the proposed extension and believes that it is a bill that can get passed.

Observers feel that the credit will be extended to assist buyers through next year, but see the increase of the dollar amount as unlikely to occur.