Senator Brown Announces Support For New Bill Extending Tax Credit For First-Time Homebuyers

clipped from ohio.realestaterama.com clipped from ohio.realestaterama.com October 14, 2009 by Senator Brown Category: News || Laws & Taxes | No Comments clipped from ohio.realestaterama.com WASHINGTON, D.C. - October 14, 2009 - (RealEstateRama) — A tax credit that has helped more than 48,000 Ohio families purchase their first homes will expire on Dec. 1 unless Congress passes an extension. U.S. Sen. Sherrod Brown (D-OH) announced his support today for S. 1678, a new bill that would extend the first-time homebuyer tax credit through May 31, 2010. “The first-time homebuyer tax credit is critical to getting our economy back on track,” Brown said. “Not only does the tax credit make home ownership accessible to more Ohioans, it pumps money into our state’s economy. This creates jobs, helps stabilize home prices, and shores up property tax bases in our communities.” It provides a refundable tax credit - equal to up to ten percent of the purchase price of the home not exceeding $8,000 - for qualified buyers who have never owned a home or have not owned one in the past three years.