Home-Buyers Tax Credit Extention through 2010 - Hoboken, NJ

Home Ownership Moves the Economy(HOME) Act of 2009. HR 2801 was introduced by Howard Coble (R-NC).The bill is currently put in front of a house committee for review.

It would continue the current tax credit for first time home-buyers set to expire on December 1, 2009, with a couple of notable changes:

Home Ownership Moves the Economy (HOME) Act of 2009 - Amends the Internal Revenue Code to:

(1) extend the first-time home-buyer tax credit to all individuals who purchase a principal residence (currently, only first-time home-buyers as so defined).

(2) extend such credit and the waiver of recapture requirements for such credit through 2010.

(3) repeal the limitation on such credit based on modified adjusted gross income.

If approved this could be great news to those who are unable to buy before the deadline, or are in-eligible due to having had a previous property in the last 3 years, or due to their income level.

Before you count your eggs, though, be aware that the majority of bills that are presented to committees are killed than and there before emerging out the other side. Still, there is place for hope!

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