http://www.bloomberg.com/apps/news?pid=20601103&sid=ay.bYi_e6hcw
The congress can do something right. Now you do not have to be a first time home buyer to get assistance in purchasing a home.
"Nov. 5 (Bloomberg) -- Congress passed legislation expanding an $8,000 tax credit for first-time homebuyers, extending unemployment benefits and providing tax refunds to money-losing companies.
The House approved the measure today on a 403-12 vote, sending it to President Barack Obama, who will sign it tomorrow, according to spokeswoman Jen Psaki. All 12 House members voting against the bill were Republicans. The Senate passed the bill 98-0 yesterday after weeks of delays.
Estimated to funnel $45 billion into the economy this year, the legislation is the first major expansion of provisions in February’s economic stimulus package. The bill would extend until April 30 the tax credit for first-time homebuyers that would otherwise expire at the end of this month.
The jobless would get as many as 20 additional weeks of unemployment assistance. Companies would be given expanded ability to apply losses to previous years’ income, allowing them to qualify this year for $33 billion in tax refunds, according to Congress’s Joint Committee on Taxation...It would allow homebuyers who have owned their residence for at least five years to receive a $6,500 credit. Those who sell their new home or no longer use it as their main residence within three years would have to repay the credit. "
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