Industry NewsMortgage

Final push for tax credit

Cost, benefits and fraud weighed in hearings
Published on Oct 20, 2009

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by CareyBot

Real estate industry trade groups are mounting a final push for an extension of the first-time homebuyer tax credit, with Sen. Johnny Isakson planning to tie the issue to an extension of unemployment benefits.

Lawmakers are holding two hearings this week during which the tax credit, scheduled to expire Nov. 30, will be debated.

On Thursday, the U.S. House Ways and Means Oversight Subcommittee will discuss more than 100,000 suspected cases of fraud involving the credit currently being investigated by the IRS.

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