September 18, 2009

Senator Reid joined Senators John Ensign and Ben Cardin in cosponsoring a new bill that will extend the existing homebuyer tax credit of $8,000 for six more months. “Yesterday we learned that new home sales have increased in Las Vegas, and that’s good news.  I hope this credit will build on that so more Nevadans can realize the American dream of homeownership,” Reid said.

The bill also continues the rule that allows taxpayers to treat the home purchase as occurring in the preceding year to expedite receipt of the credit.  The current provision, passed as part of the American Recovery and Reinvestment Act, expires December 1, 2009.