Senate Bill to Expand Home Buyer Tax Credit: $15K, for ALL Buyers
If $8,000 wasn’t enough to motivate home buyers, perhaps $15,000 will get results? A new legislation to expand the First-Time Home Buyer Tax Credit was proposed last week. The modifications would nearly double the maximum incentive amount, eliminate the first-tier income cap, and make the credit available to all home buyers.
The changes are meant to help stimulate the “move-up market,” said the bill’s sponsor, Sen. Johnny Isakson, D-Ga., who attributes the current tax credit with stabilizing housing in the first-time home buyer sector. Isakson wants to increase the credit to benefit a wider range of Americans purchasing primary residences, such as those who want to move up from starter homes to bigger places.
In addition to making the tax credit available to more people by removing the first-time buyer qualification, it would extend the expiration date past November 30th, to one year after its enactment. The new conditions also get rid of the income limitations of $75,000 for individuals and $150,000 for married joint-filers, which would make the tax credit more accessible for higher-end properties.
It is still early in the legislation’s approval process and the bill is said to be with the Senate finance committee at present. Realtor and mortgage groups are praising the measure and rallying support for the proposal. We’ll keep you posted on any new developments concerning this exciting prospect for American home buyers.
Posted at 03:49PM Jun 16, 2009 by Spencer Mason in General Comments[0]
