Looks like home buyers may have to wave goodbye to $15,000
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More economic stimulus package details will no doubt be forthcoming but here’s the latest from the Associated Press:
House and Senate negotiators agreed to pare economic stimulus legislation below $800 billion and reached for a final deal with the White House on Wednesday on a bill designed to create millions of jobs in a nation reeling from recession.... Several Democratic officials said there was an informal deadline of Wednesday afternoon for at least tentative agreement on an overall bill, a time that coincided with a scheduled formal meeting of House and Senate negotiators.... Working to accommodate the new, lower overall limit of the bill, negotiators effectively wiped out a Senate-passed provision for a new $15,000 tax credit to defray the cost of buying a home, these officials said.
It is not clear whether the House’s first-time home buyer’s tax credit of 10% of a home’s cost, up to $7,500, is still on the table or wiped out too. Hat tip goes to Laker.
Here’s the update, from Reuters:
Congressional negotiators are close to agreeing on a $7,500 tax credit to encourage home sales, instead of the larger, $15,000 credit that was in a Senate-passed economic stimulus bill, Senator Joseph Lieberman said on Wednesday. Lieberman said, ‘Yes, definitely,’ when asked by Reuters whether the negotiators were leaning toward the smaller credit for first-time home buyers that was in a House-passed bill. Separately, during a Senate committee hearing, Senator Bill Nelson said the $15,000 credit is ‘likely ... to be cut down to a $7,500 credit’ for homes bought after Jan. 1, 2009.
Hat tips goes to McCamman.
-- Lauren Beale
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