The bill cleared the Senate unanimously Wednesday, and it heads to President Barack Obama for his expected signature.
Officials with the National
Association of Home Builders lauded Congress for passing an extension of the
$8,000 first-time homebuyer tax credit.
The measure passed the House
Thursday, included with a bill extending jobless benefits for up to 20 weeks.
The bill cleared the Senate unanimously Wednesday, and it heads to President
Barack Obama for his expected signature.
The bill extends the credits
available through April 30, 2010, and includes credits aimed at current
homeowners. Existing homeowners can claim a $6,500 credit if they are
purchasing a new residence and have lived in their current home five of the
last eight years.
NAHB said keeping and
expanding the tax credits will help the struggling U.S. housing market.
“We commend lawmakers for
acting in a bipartisan manner to extend the first-time home buyer tax credit
beyond its Nov. 30 deadline and expand it to a wider group of home buyers,”
said NAHB Chairman Joe Robson, a builder from Tulsa, Okla. “The tax credit has
proven to be a powerful economic incentive. Today's action by Congress will
further stabilize housing and the economy by creating new jobs, stimulating
home sales, reducing foreclosures, cutting excess inventories and stabilizing
The new credits will create
211,000 jobs and 180,000 more home sales in the next year, according to an NAHB
analysis of the legislation.
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