House Majority Leader Steny Hoyer says he expects his colleagues will support legislation now moving through the Senate to extend and expand the first-time homebuyer tax credit currently scheduled to expire at the end of this month.The Senate on Monday voted 85-2 to place limits on further debate of HR 3548, a bill extending unemployment benefits that includes an amendment that would allow homebuyers to claim the credit on sales under contract before May 1. The vote to invoke cloture moves HR 3548 closer to a final vote in the Senate as early as today.If the version of HR 3548 moving through the Senate is approved by the House and signed into law, the tax credit -- equal to 10 percent of a home's purchase price, up to a maximum $8,000 -- would be available to a larger pool of borrowers.As amended, the bill would allow homeowners who have owned and used their principal residence for any five-consecutive-year period during the past eight years to claim a credit of up to $6,500 if they se...
by Amber Taufen | Today 12:27 P.M.
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