Housing Complex

Wait, There’s a $15,000 Homebuyer Tax Credit Being Proposed?

The Washington Post writes again today about the upcoming deadline ending the $8,000 homebuyer tax credit program. President Barack Obama is mulling over extending the credit and several senators, including Maryland's Ben Cardin, have introduced a six-month extension of the tax credit.

But, wait! There's a completely different, more generous bill already out there, according to the Post story:

Sen. Johnny Isakson (R-Ga), a veteran of the real estate business, has offered a bill that would expand the tax credit to $15,000 and make any buyer of any home eligible.

That would cost a projected $38.5 billion if the program is in effect for a full year, he said. But it would also help stimulate home buying at all price levels and bolster related consumer spending on furniture and landscaping, for instance, he said. But critics say it's time for the government to step aside, especially now that the housing market is showing signs of improvement.

According to Isakson's own website, "the legislation also would eliminate the income caps of $75,000 for an individual and $150,000 for a couple under the current tax credit so that there is no income limit for eligibility. Finally, the legislation would extend the tax credit for one year from date of enactment and would still allow homebuyers to claim the credit on their 2009 tax return for purchases made in 2010."

The legislation was introduced in June.

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