Tuesday, June 16, 2009

$15,000 Tax Credit

Senate Bill Wants $15,000 Tax Credit for All Homebuyers

All homebuyers not just new ones would be entitled to a $15,000 federal tax credit and no qualification caps would be placed on their income.

Under recently introduced legislation: The language was introduced by Senator Johnny Isakson, R-Ga., who says that a $8,000 first-time homebuyer tax credit that became law last year has made a difference but wants to expand it.

Senator Isakson says he has bipartisan support from at least nine senators including Banking Committee chairman Chris Dodd, D-Conn. The $8,000 tax credit is set to expire December 1 and has income caps of $75,000 for an individual and $150,000 for a couple.

The Mortgage Bankers Association and National Association of Realtors have voiced their support for the bill (S. 1230, "The Homebuyer Tax Credit of 2009.") Before he was elected, Senator Isakson was a Realtor and worked in real estate for three decades, according to his office.

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