Supposedly the Senate may pass a version of the bill today and the House would have the chance to accept that version later this week which, if you’ve ever watched “How a Bill Becomes a Law” in Schoolhouse Rock, you know this means the bill then goes to the President for his signature.
The first time home buyer’s credit is scheduled to expire on November 30 but the current bill would extend it to April 30, 2010. Also included in the new bill, if you have owned a home for at least 5 years and buy a new one, you can be eligible for a $6,500 tax credit.
The New York Times points out that it will cost $11 billion. Of course what they don’t point out is that it will cost taxpayers $11 billion.
And yes, as with pretty much ANY government run program abuses and fraud have surfaced: one accountant was helping himself to $1,000 from his clients’ credit (who weren’t supposed to be receiving the credit in the first place), then there were 500 claimants who were as young as 4 years old, then finally there are the folks who just flat screwed up and figured their taxes wrong.
As much as I hate higher taxes I’m obviously happy to help anyone who would like to buy a new home and make use of the tax credit! You can search the MLS IDX for homes using the links below and/or call me at 303.887.1883 or email me at beth@bethskinner.com if you have any questions or need further assistance.
Like more than 80% of home buyers out there you can start your search right here on the Internet.
Click here to search the MLS IDX for available homes in Broomfield, CO. No registration required.
Click here to search the MLS IDX for available homes in Westminster, CO. No registration required.
Click here to search the MLS IDX for available homes in Northglenn, CO. No registration required.
Click here to search the MLS IDX for available homes in Thornton, CO. No registration required.
photo credit: kevindooley
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