Washington D.C.—Senate Majority Leader Harry Reid joined Senators John Ensign and Ben Cardin in cosponsoring legislation that will extend the existing homebuyer tax credit of $8,000 for six more months. The bill also continues the rule that allows taxpayers to treat the home purchase as occurring in the preceding year to expedite receipt of the credit. The current provision, passed as part of the American Recovery and Reinvestment Act, expires December 1, 2009.
“Yesterday we learned that new home sales have increased in Las Vegas, and that’s good news. I hope this credit will build on that so more Nevadans can realize the American dream of homeownership,” Reid said. “I’m pleased to join Senator Ensign in supporting a bill that offers relief to Nevadans as we continue the work of rebuilding Nevada’s economy. While extending the credit is an important tool to help stabilize the housing market, I will also continue efforts to help Nevada homeowners avoid foreclosure and keep them in their homes.
“Nevada’s housing market has been one of the hardest hit over the run of this recession and is still struggling,” said Senator Ensign. “It is not only hurting families and homeowners but also risks dragging down our economy further. This bipartisan plan is a proven model that incentivizes potential buyers while targeting the serious problem of excess inventory in the housing sector, and I urge the Senate to extend this tax cut.”