One of the efforts that the administration has made to try to address the housing crisis in the United States is through the various home buyer tax credit programs. These programs are designed to give a tax credit to people buying a new home. The programs have been in place for a while, although they have been extended and changed over time.
As it stands today, the Worker, Homeownership and Business Assistance Act of 2009, which went into effect on November 6 of last year, extends and expands these credits. First, it extends the $8,000 tax credit for new home buyers into 2010. It also expands the program by offering a $6,500 tax credit to people who already own a home who wish to buy a new one.
There are, of course, guidelines on these programs. For the…
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