Lawmakers are hoping for an expansion of the tax credit helping first-time home buyers and current home buyers that have a home to sell.Â First time home buyers make up about 40% of the current home purchases.Â This statistic, lawmakers feel, is not stimulating the housing industry enough.
Here are some key points of what lawmakers would like to see happen:
*Â Changing the top Tax Credit amount from $8,000 to $15,000.
* Extend the purchase deadline from November 30, 2009 through to mid year 2010.
*Â Extend the tax credit from first-time home buyers to all home buyers
* Offer another tax credit of up to $3,000 for home owners who refinance.
Remember there are income caps and you do have to stay in your home for 3 years to avoid paying back the tax credit.