The Senate substitute package passed the First time Home Buyers Tax Credit extention. It goes to the Oval Office for final Presidential vote.
We are heading into the winter months when real estate slows until next March. We need jobs and loans to market real estate and mortgages.
The Senate substitute package, drafted by Finance Committee Chariman Max Baucus, Harry Reid, and Senator John Asaksin, proposed to extend and expand the Homeowners Tax Credit to include a smaller rebate of $6,500 tax credit for homeowners, who have lived in the same home for five years or more and purchased a new home before April 30, 2004.
Unemployment was extended and increased to 8.5%. The President must sign it into existance.
Read how the new Tax Extention works. See link below.