Home Buyer Tax Credit Gets Extended And Expanded

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In a move to bolster home sales and prop up our fragile economic recovery, the Home Buyer Tax Credit has been extended until April 30, 2010 and now has been expanded to include all home buyers and not just first time buyers. More provisions have been added to the Bill in order to stop the rampant fraud that plagued the first bill. The bill gives a $6,500 tax credit to all people who purchase a home. If you own your land already, you still will qualify if you move in to your new house by the April deadline. If you have not yet closed on your home purchase, you might want to delay the closing until the bill goes into effect as there will not be a “grandfather clause” to help those who have already purchased a home. Congress passed the Home Buyer Tax Credit Bill along with an extension of unemployment benefits on Thursday and the President is expected to sign the Bill soon.