The Intero Insider: Can S.B.1678 Breathe New Life Into The Homebuyer Tax Credit?

It’s been reported by everyone. By Intero. By government entities. By every news outlet from CNN to the smallest small-town newspaper. The Homebuyer Tax Credit.

It’s the thing that -- so far -- has motivated 1.2 million first-time homebuyers to purchase their first homes. It’s been a boom to the languishing real estate market, and helped stimulate our nation’s economy on the whole.

But time is running out.

The big question is, why? If there’s a program in place that can help consumers and help the still-weakened economy, why bring it to an end? Right now, the program is set to reach its termination at midnight on November 30, 2009. But several members of Congress are trying to extend that.

Enter Senate Bill 1678.

Introduced this past Wednesday by Sen. Ben Cardin of Maryland, the bill has the support of several members of the Chamber who carry some pretty heavy clout. This bill seeks to extend the credit to June 1, 2010.

The extension would give members of both houses a bit of time to work on a solution that would not only extend the credit, but open it to homebuyers in general (not just first-timers), increase the amount of the credit from $8,000 to $15,000, as well as change the income restrictions currently in place.

It’s great to know that members of our government are working to help hardworking Americans. It’s also important to realize that, as things stand right now, the Homebuyer Tax Credit is still set to expire in a few short weeks. Since the home buying process can often take an extended period of time, there’s no time to waste.

Talk to your Intero agent, as well as your tax or financial advisor, so you know the facts.