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U.S. Senate considers expanding first-time homebuyer tax credit
The US Senate is holding a vote on the Dodd-Lieberman Isakson Amendment to extend and expand the first-time homebuyer tax credit.
Courtesy Sondra Slappey 

U.S. Senate considers expanding first-time homebuyer tax credit

By Sondra Slappey

October 27, 2009 —  The US Senate will vote tonight on the Dodd - Lieberman - Isakson Amendment to Extend and Expand the $8,000 First Time Homebuyer Tax Credit.

If passed, not only would first-time buyers who have not owned a home in the last three years be included, but so would existing homeowners looking to upgrade their home.

A sliding scale is being proposed with a greater credit being offered to those homeowners who have lived in their current residence for at least seven years.

Income limitations will apply and are being suggested at $150,000 for a single taxpayer and up to $300,000 for those filing jointly.

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