8000 Tax Credit Extension: Two Proposals on the Table

The Tennessee Association of REALTORS® (TAR) sent out an email today urging REALTORS® to call their US Senators and express their support for extending the 8000 tax credit for first time home buyers.

The current bill is set to expire at the end of November, 2009. According to the TAR, the NAR is supporting the Dodd-Lieberman-Isakson Amendment. This Amendment would do the following:

• Extend the tax credit to June 30, 2010
  
• Set the income limits for single buyers at $150,000 and for married buyers at $300,000
• Provide the $8,000 tax credit to any buyer, rather than to just first-time home buyers

There is another proposal being considered by the Senate, proposed by Majority Leader Harry Reid, D-Nev., and Senate Finance Committee Chairman Max Baucus, D-MMajority Leader Harry Reid, D-Nev., and Senate Finance Committee Chairman Max Baucus, D-Mont. Their plan would only extend the 8000 tax credit through the end of March 2010, then lower the credit throughout 2010 until it's completely phased out.

For more information on the possible 8000 tax credit extension, you can read this story by Reuters, "Senate seen extending homebuyers tax credit soon".