Las Vegas Sun

June 24, 2024

real estate:

Reid: Congress will extend $8,000 home tax credit

WASHINGTON -- Senate Majority Leader Harry Reid said today he expects Congress by year’s end to extend the $8,000 tax credit for first-time homebuyers.

The program was launched as part of the economic recovery act, and is set to expire Dec. 1. Those eligible are first-time homebuyers in primary residences.

Reid said the program has support from both Democrats and Republicans, and continuing it would be on the agenda before Congress adjourns in December.

“We are going to extend that,” Reid said during a conference call with Nevada reporters.

“It’s something we can get done,” he said. “We have to do it by the end of the year.”

The sharp downturn in home sales, especially in hard hit Nevada, has continued to be a drag on the economy. Home buying is one of the best ways to stimulate economic activity, as new homeowners seek other goods and services, he said.

Reid envisions maintaining the credit at the $8,000 level and extending it for a year. He said there has been an effort to make the credit available to those other than first-time homebuyers, but acknowledged that may be a steeper climb.

“I don’t know if we can get that done,” he said.

For information on the program, go here.

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