In a report just released by FoxNews.com, the GOP has added a provision to the current economic stimulus plan that would possibly increase the homebuyer tax credit up to $15,000. The proposal would also extend the provision to non-first time home buyers, according to the article. If they amend the previous limit in this manner, then it is likely that they will also extend qualifying time period beyond July 1, 2009.
At this point, however, this is only a possibility. We will know in a few days whether or not it passes and they amend the current provision by raising the limit to $15,000.
One of the big questions to be answered is whether or not those who have already purchased a home and received the $7,500 tax credit will be able to amend their returns and receive the additional $7,500 credit that is now being proposed. If not, then I think of lot of people are going to be fairly upset. There is much to watch here. Check back for updates and please leave any questions as a comment.
For more information about the tax credit click here to see my other posts on this developing topic.
Joseph Griffin
