First Time Homebuyer Tax Credit Extended

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By KFBB News Team

Story Published: Nov 6, 2009 at 6:36 PM MDT

Story Updated: Nov 6, 2009 at 6:36 PM MDT

The struggling Montana housing market experienced a major victory on Thursday with the extension of the first time homebuyer tax credit.

The legislation will extend the $8,000 credit for first-time homebuyers for sales contracts entered into by April 30th, 2010 and closed by June 30th. It has also been expanded to include a new $6,500 incentive for buyers looking to move from their current home if they’ve been residing there for five consecutive years out of the last eight.

The credit was passed due largely in part to the bipartisan efforts of Montana’s Democratic Senator Max Baucus and Republican Congressman Denny Rehberg, who believe the situation is a win-win for Montana buyers and homebuilders.

Dustin Stewart, Executive Director for the Montana Building Industry Association, explains, “The tax credit has been the saving grace of the housing market over the last year, and to see that extended through next April will really give us the help we need to get through the winter and help out the Montana small businesses so they could start the spring with hopefully some hope towards a strong building season.”

President Obama is expected to sign the legislation into law shortly.

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