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Issue Position: Homebuyer Tax Credit

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The Housing and Economic Recovery Act created a tax credit for first-time homebuyers, which Congress subsequently expanded to $8,000. Last year, Brad Sherman cosponsored legislation to extend the expiration date of the credit to June 30, 2010, and provide a separate $6,500 credit to certain other homebuyers. These credits, while temporary, have helped to stabilize residential real estate values by encouraging home purchases.


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