Dueling proposals will be debated in Senate over $8,000 per buyer subsidy
Associated Press
updated 3:33 p.m. PT, Mon., Oct . 26, 2009
WASHINGTON - Top Democrats in the Senate are pressing a plan that would extend a popular tax credit for first-time homebuyers but gradually phase it out over the course of next year.
The proposal, by Majority Leader Harry Reid, D-Nev., and Senate Finance Committee Chairman Max Baucus, D-Mont., would extend the $8,000 tax credit — which expires Nov. 30 — through March 31. Its value would drop by $2,000 for each of the subsequent three quarters of 2010.
The plan, which could face a vote in the Senate this week, appears aimed at countering a far more generous $17 billion bipartisan plan that would extend the $8,000 credit through June 30, 2010, boost the income cap for eligibility and open the credit to all buyers, rather than first-timers. For more...http://www.msnbc.msn.com/id/33484381/ns/business-real_estate/
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