The Senate today passed a two-year extension of the $5,000 home buyer tax credit.
The incentive is part of President Barack Obama’s tax package that was passed today by the Senate. It gives first-time home-buyers in the District a one-time tax credit of up to $5,000.
Along with the homebuyer credit, the Senate also passed a $3,000 wage credit for businesses that hire District residents or already employ a District resident.
“These tax incentives, which can only be used in the District, will also help to stabilize the city’s economy and to accelerate our economy’s recovery,” said Delegate Eleanor Holmes Norton.
Both tax incentives will be retroactive for 2010 and will continue through 2011.