First-Time Homebuyer Tax Credit Extended

For the past couple of months, there has been speculation on whether Congress would extend the First-Time Homebuyer Tax Credit which was due to expire on November 30th (see our blog from October 5th). In a 403-12 vote, the House approved the Worker, Homeownership and Business Assistance Act of 2009 -- a $24 billion economic stimulus bill which extends unemployment benefits to the longtime jobless and extends and expands the homebuyer tax credit.  The Senate passed the legislation 98-0 and President Obama signed the bill into law on Friday, November 6th. Since January, first-time homebuyers have been getting tax credits of up to $8,000 (10 percent on principal homes