A big step forward for extending -- and expanding -- the homebuyer tax credit

Updated

Good news appears to be coming for supporters of the homebuyer tax credit. Senate negotiators reached a tentative deal to not only extend the $8,000 tax credit to first-time buyers but also to give other primary home purchasers a $6,500 credit.

If the Senate actually passes the bill, the House, where over two dozen versions are floating around, may finally decide to act. But IRS reports of fraud and lukewarm support of the Obama administration seem to have stalled the bill on the House side. So, it could just agree to take up the Senate bill after it passes the Senate to move the legislation quickly to Obama's desk.

Advertisement