uncle sam tax credit

The Eugene real estate market gets a shot in the arm, no it’s not the H1N1 flu vaccine. President Obama signed into law the new bill extending and expanding the home buyers tax credit through April 30, 2010. You will need to have an accepted offer by that date and have until June 30, 2010 to close on your new home.

The new home buyer tax credit has helped stabilize the housing market and this expanded version which allows current home owners that have lived in their home for at least 5 out of the last 8 years to receive a $6,500 tax credit seems likely to help the housing market get through what could have been a dismal winter.

The Eugene area will also benefit from this bill as the jobless will get as many as 20 additional weeks of unemployment assistance, depending on where they live. As of this writing I’m not sure exactly how many weeks that will be for Eugene residents.

The White House said the law, which also includes tax cuts for struggling businesses, builds on provisions in the $787 billion stimulus package enacted last February that aim at spurring job creation.

“The need for such a measure was made clear by the jobs report that we received this morning,” Obama said, citing Friday’s government report that the jobless rate hit 10.2% last month, the highest since 1983.

He called it a “sobering number that underscores the economic challenges that lie ahead” and pledged more work.

Post from: Eugene Oregon Real Estate

Obama Signed Into Law Home Buyer Tax Credit Extended and Expanded