Since the current First Time Home Buyer Tax Credit was introduced there has been some frustration that current home owners are getting the short end of the stick. I’ve heard it once if I’ve heard it fifty times in the past three months, ‘So I get to pay my taxes so that someone else can get $8,000 for buying a home?’ To that questions I have had to answer yes, that’s what you get out of the deal. But, have no fear there is hope in sight for current home owners!
Earlier this month legislation was introduced in the form of HR 2801 or Home Ownership Moves the Economy (HOME) Act of 2009. This legislation plans to extend the current tax credit of 10% up to $8,000 to anyone purchasing a primary residence through the end of 2010. This bill lifts the income limits currently in place ($75,000 for single, $150,000 for couple) and remains to be a true credit that does not have to be repaid, unless the owner lives in the home for less than 36 months.
We shall hold tight and see how this pans out, when the current credit was being ironed out it reminded me a lot of a bad relationship full of empty promises, finally our legislators settled on something incredibly mediocre.
