First-Time Home Buyers Tax Credit May be Extended

The current $8,000 tax credit for first time home buyers is set to expire on December 1, but there is a chance the tax credit may be extended.

Following a meeting with Harry Reid and Barack Obama, Nancy Pelosi told reporters: “There’s under consideration whether we extend the first- time homeowners’ credit, and the question is, would that be just first-time homeowners or would you open it up to other purchasers of homes?” The meeting between Pelosi, Reid, and Obama discussed possible ways to spur the economy through a series of spending programs and tax cuts. Pelosi went on to say, “We have continued to have conversations with members about initiatives that work for them in their districts to create jobs. We’ll also be hearing from some economists from right to left on the spectrum in the days ahead.” Continuing the homebuyer credit would cost the government about $1 billion for each month it is extended, Bloomberg reports.