Possible Extension on $8000 Tax Credit$

WOW!  Who'd a thunk it! Congress is actually thinking of continuing, and EXPANDING, the $8000 tax credit. H.R. 2801 (111th Congress) 2009-2010 Home Ownership Moves the Economy (HOME) Act of 2009, is a bill sponsored by Howard Coble, a U.S. Representative from North Carolina’s 6th District. Representative Coble’s bill's goal is to extend the tax credit into 2010 as well as allow all home buyers to take advantage of the tax credit.
The bill aims to do three things:

1. Extend the first-time homebuyer tax credit to all individuals who buy a principal residence (currently, only available to first-time homebuyers)
2. Extend tax credit and the waiver of recapture requirements for such credit through 2010
3. Repeal the limitation on such credit based on modified adjusted gross income.

This bill is in the first step in the legislative process. Introduced bills and resolutions first go to committees that deliberate, investigate, and revise them before they go to general debate. The majority of bills and resolutions never make it out of committee. As of June 10, 2009, the bill was referred to the House Committee on Ways and Means.

There are about a dozen other Representatives behind the bill, but the US Congress will need to find a way to fund the bill if it becomes law to have any chances of keeping it alive. The House will be back in session in September, so we will have to wait a little longer to see if the bill will make it out of committee.

Please let me know what you think.