After much fanfare the home buyer and home owner tax credit is in place. This new law extends the first time home buyer tax credit for property under contract by April 30, 2010 and closing by June 30, 2010. Under the same bill unemployment benefits are extended by 14 weeks and there are provisions to provide some tax relief for some businesses.
The law also expands the real estate tax credit to include current homeowners through the same period and increases income limits. Although opinions vary most believe that the tax credits along with low mortgage rates and property values have encouraged hundreds of thousands of purchases that otherwise would not have occurred.
Diane Shelton