CCH News, a provider of news and research services for tax professionals, is reporting that the White House may extend the first-time homebuyer credit. The information was proposed by the Council of Economic Advisers Chairperson in an interview at the White House on September 11th. Currently, more than 20 House and Senate bills have been introduced to expand, extend, or modify the credit, which expires on November 30, 2009.
CCH comments that many taxpayers hoping to tax advantage of the credit are currently stuck in a due-dilligence cycle with their banks. This could delay the closing of their house to past the November 30th deadline, at no fault of their own. Congress is looking to relieve the pressure on these potential purchasors.
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