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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Africa Europe Latin America Middle East North America Congress giving homebuyers a $6,500 tax break By STEPHEN OHLEMACHER,Associated Press Writer - Friday, November 6 Send IM Story Print WASHINGTON – Buying a home is about to get cheaper for a whole new crop of homebuyers _ $6,500 cheaper. First-time homebuyers have been getting tax credits of up to $8,000 since January as part of the economic stimulus package enacted earlier this year. But with the program scheduled to expire at the end of November, the Senate voted Wednesday to extend and expand the tax credit to include buyers who already own homes. The House could vote on the bill as early as Thursday. Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500. First-time homebuyers _ or anyone who hasn't owned a home in the last three years _ would still get up to $8,000. To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30. "This is probably the last extension," said Sen. Johnny Isakson, D-Ga., a former real estate executive who championed the credits. The homebuyers tax credit is one of two tax breaks totaling more than $21 billion that the Senate included in a bill extending unemployment benefits for those without a job for more than a year. The other would let companies now losing money recoup taxes they paid on profits earned in the previous five years. "We are still in a world of economic hurt, and Congress must continue to act boldly and creatively," said Sen. Max Baucus, D-Mont., chairman of the Senate Finance Committee. "With the right mix of tax breaks and investments we will get through this recession and get folks working again." The real estate industry has been pushing to extend and expand the housing tax credit. About 1.4 million first-time homebuyers have qualified for the credit through August. The National Association of Realtors estimates that 350,000 of them would not have purchased their homes without the credit. Extending and expanding the tax credit for homebuyers is projected to cost the government about $10.8 billion in lost taxes. While the measure passed the Senate by a 98-0 vote, Sen. Kit Bond, R-Mo., questioned its efficiency in stimulating home sales. "For the vast majority of cases, the homebuyer tax credit amounted to a free gift since it did not affect their decision to purchase a home," Bond said. "And for the small minority of buyers whose decision was directly caused by the credit, this raises the question of whether we are subsidizing buyers who may not have been able to afford buying a home in the first place." The credit is available for the purchase of principal homes costing $800,000 or less, meaning vacation homes are ineligible. The credit would be phased out for individuals with annual incomes above $125,000 and for joint filers with incomes above $225,000. The credit would be extended an additional year, until June 30, 2011, for members of the military serving outside the United States for at least 90 days. Expanding the tax credit for money-losing companies is projected to cost $10.4 billion. The business tax break would allow money-losing companies to use current losses to offset taxable profits earned in the previous five years, giving them refunds of taxes paid in those years. Under current law, businesses with annual gross receipts of more than $15 million can claim losses back only two years. The tax break would help industries suffering losses in 2008 or 2009, including retailers, homebuilders and newspapers. Congress included a scaled-back version of the tax break _ for companies with revenues of $15 million or less _ in the economic recovery package enacted in February. The new tax break would be available to companies of any size, providing a quick source of cash. The U.S Chamber of Commerce has been a big backer of the tax break for money-losing companies. "It frees up capital that they can use to maintain jobs and potentially even hire new people as the economy returns," said Caroline Harris, senior tax counsel for the U.S. Chamber of Commerce. The tax breaks would be paid for largely by delaying a tax break for multinational companies that pay foreign taxes. It was passed in 2004 and originally was to have taken effect this year, but would now be delayed until 2018. ___ The bill is H.R. 3548. ___ On the Net: Congress: http://thomas.loc.gov Recommend Send IM Story Print Related Articles Former senior Rwandan executive jailed for 8 years AP - 1 hour 20 minutes ago Memorial appears near Ohio home where bodies found AP - 1 hour 22 minutes ago Spanish hostages' wives: 3 crew taken ashore AP - 1 hour 30 minutes ago Majority leader: House will pass health bill AP - 1 hour 32 minutes ago Negotiators scale back UN climate pact ambitions AP - 1 hour 32 minutes ago News Search Top Stories Bank of England pumps billions more into economy Zurich Financial reports 'solid' earnings after crisis BNP Paribas reports 44.8-pct quarterly profit leap New York attorney general files antitrust suit against Intel Fed seen keeping near-zero rates to spur recovery More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Chinese giant set to buy US oil assets: company French thinker Levi-Strauss dead at 100 Rage against GM over 10,000 planned job cuts at Opel X-ray named top achievement by British museum Reborn Chrysler says it will be leaner, more competitive More Most Viewed » Somali centenarian weds 17-year-old Mobile phone giant Nokia sues Apple over patents More Most Recommended » Elsewhere on Yahoo! 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