The Senate's top Democrat and top Republican each voiced support on Wednesday October 28, 2009 for extension of a soon-to-expire $8,000 tax credit for home buyers, but left unclear when the chamber would act.
"There has been general agreement by a significant number of senators, Democrats and Republicans, to get this done," Senate Majority Leader Harry Reid, a Democrat, said on the Senate floor.
The chamber's top Republican, Senator Mitch McConnell, also said most senators support the measure. "I certainly share his view," McConnell said.
The tax credit for first-time home buyers, which has helped lift the housing market out of its worst slump since the Great Depression, is set to expire on Nov. 30 and senators have been negotiating over how best to extend it.
Under an agreement reached by key senators, the tax credit would be extended through the end of April 2010 and be expanded to cover repeat buyers who have been in their homes at least five years, sources familiar with the plan said.
First-time buyers would continue to get an $8,000 credit, while repeat buyers of primary residences would be eligible for a credit of $6,500, the sources said.
They said the credit would be available for individuals making up to $125,000 a year and couples earning up to $225,000 per year
I have sent letters to our senator and governor to push to get this passed!! Remember, when you are buying your new home and earning your tax credit, Call Joanna at 864-329-6639!!