by Mark Wellborn





The first-time homebuyer tax credit is one step closer to being extended. Yesterday, Senate Majority Leader Harry Reid’s office announced that Senate Democrats plan to extend the $8,000 credit and also provide additional benefits for a select group who already own residences.

In short, the proposal would extend the credit to home purchases under contract by April 30, 2010 and it would be available to individuals earning up to $125,000, or $250,000 for couples, up from $75,000 for individuals and $150,000 for couples under the current law, according to Bloomberg News. The proposal would also let homeowners qualify for a $6,500 credit if they have lived in their residence for five years.

While this all could be good news for homebuyer’s, the extension is still a ways from becoming a reality.

From the Associated Press:

Senators in both political parties were hoping to add both tax provisions to a bill that would give people running out of unemployment insurance benefits up to 20 more weeks of federal aid. The Senate could vote on the overall bill as early as Thursday, but lawmakers were still haggling over several unrelated amendments Wednesday evening.

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This article originally published at https://dc.urbanturf.com/articles/blog/senators_agree_to_extend_homebuyers_credit/1458