Builders Seek Extension on $8,000 Homebuyer Tax Credit

Some of the nation’s home builders aim to stretch the deadline–and possibly the amount–of a federal tax credit of up to $8,000 for first-time buyers closing before Dec. 1, according to Jeffrey T. Mezger, KB Home’s president and chief executive.

Builders are pointing to success in California, which is offering buyers of new homes an up-to $10,000 credit. The industry aims to expand that first-come, first-served program beyond the $100 million cap expected to be exhausted soon, but the Golden State’s financial situation could stymie that.

“We are using our California success as an industry as reinforcement at the federal level,” Mr. Mezger said recently at a conference. “Maybe they should go higher than ($)8,000 because it is creating jobs and creating demand.”

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