Cost Concerns Surface Over Home-Buyer Credit
Wall Street Journal (10/15/09) P. A6; McKinnon, John D.
Some analysts and Capitol Hill legislators fret about the cost and usefulness of the tax credit for first-time home buyers, which provides an $8,000 tax credit and is set to expire at the end of next month. While many in the housing market have lauded it as a stabilizing force in home sales, several House Democrats are unwilling to sign off on an extension or expansion of the credit if it is not offset with tax hikes or spending cuts. Proponents want the tax break to be extended at least to next summer, made available to all home buyers, and the income limits raised to $150,000 for an individual and/or $300,000 for a couple — a move that would cost as much as $16.7 billion. Some elected officials propose taking back unspent money from the $787 billion stimulus bill to fund the cost.
Filed under: Katy Family Homes
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