The big focus right now, as the deadline for the first time home buyer tax credit extension approaches, is on plans that will extend the first time home buyer tax credit — and maybe even expand it to include all buyers, and not just first time home buyers. As expected, industry groups including the Mortgage Bankers Association and the National Association of Realtors are lobbying hard for an extension of the credit. HousingWire reports on a letter the groups sent to various Obama Administration officials:

“Our fragile economy is just beginning to show signs of recovery. We should not jeopardize that recovery by letting this tax credit expire,” said the letter, sent to the White House and the secretaries of the departments of Treasury and Housing and Urban Development (HUD). “Problems in the housing industry led us into a global recession, and housing incentives can help lead us out of the recession.”

The debate over what to do about the first time home buyer tax credit is one that has far reaching implications. Indeed, there is speculation that the dependence that the housing market has on the tax credit right now might become permanent. In that case, some say, what is to prevent giving a tax credit to anyone buying a home in the future, in the same way that a tax advantage is offered for mortgage interest paid over the course of the year.

As you might image, people on both sides of that argument are weighing in. Some feel that a permanent tax credit would be helpful in allowing more people to buy homes in the future. On the other side are those that worry about cutting tax revenue and getting further into debt as a country with yet another generous tax credit.

What do you think? Should a tax credit for buying a home be made a permanent part of the tax code?