Senate vote looms on homebuyers' tax deal
The Senate may vote later this week to expand the tax break on home purchases
If you've been looking for a good time to tell Congress what you think of the tax break that's about to expire for first-time home buyers, this is it.
CQ Today says the Senate may vote soon, perhaps even this week, on a plan to extend or even expand the $8,000 tax credit for first-time buyers that is scheduled to expire Nov. 30.
Sen. Johnny Isakson, a Republican from Georgia, proposes extending the program to June, and opening it up to all sales of primary residences. The existing progam is only available to people in certain income brackets, and Isakson would raise that limit so individuals making $150,000 and families making $300,000 would be eligible.
Democrats and Republicans generally support the idea of extending the existing program, which some economists have argued should be expanded to help stimulate sales in the otherwise weak housing market. Lots of people are urging Congress to act before the existing program expires.
As Congress.org reported previously , the IRS estimates that 1.4 million households have used the existing program. You can read read the IRS's explainer on the program here .
If you want to write your Senators to urge them to vote for or against extending the program, go to our letter-writing program here .
-- Scott Montgomery, Congress.org
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