Now's The Time To Buy, Guam: Congress Extends First-Time Homeowners Tax Credit

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Written by Jeff Marchesseault, Guam News Factor Staff Writer

Friday, 06 November 2009 10:19

Capitol

Bill Ready For President's Review & Signature

National Legislation Expected To Stimulate Local Housing Market

By Jeff Marchesseault

Guam - Island home sales could be spurred by an expansion of a tax credit for first-timers. Congress has approved the proposed expansion and passed the legislation on to the President to sign.

Here is the announcement from Guam Congresswoman Madeleine Bordallo's Washington Office:

November 5, 2009 - Washington, D.C. - Congresswoman Madeleine Z. Bordallo, today, announced that the House of Representatives voted to extend and expand the successful First-Time Homebuyer Tax Credit to homes purchased through April 30, 2010. President Obama is expected to sign the bill into law. Under current law, the tax credit would expire on December 1, 2009, and would not apply to homes closed on or after that date. Today's extension allows for homebuyers to claim the credit if they enter into a binding contract before May 1, 2010 and close within 60 days of that date. In addition to the extension of the First-Time Homebuyer Tax Credit worth up to $8,000, the legislation expands the credit to homebuyers who have been in their current residence for at least the past five years. The expanded credit is worth up to $6,500.

"The extension and expansion of the First-Time Homebuyer Tax Credit will assist our community in stimulating the local housing market," Congresswoman Madeleine Z. Bordallo said today. "The extension of the First-Time Homebuyer Tax Credit will allow this program to complete its designed purpose and provide a longer term stimulus to the lagging housing market. This bill expands tax credits to current homeowners who have been in their homes for at least five years but wish to move to a new residence. This expansion will provide an additional incentive for responsible homeowners to participate in this program and further stimulate Guam's housing market. "

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