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Bill Proposing $15K Tax Credit for Homebuyers Introduced Today

by Mark Wellborn

If you think the $8,000 tax credit for first-time homebuyers is a good idea, then you will probably like the idea of a $15,000 tax credit.

UrbanTurf has learned that Senator Johnny Isakson will introduce a bill today that would almost double the current tax credit to $15,000, and remove a number of the eligibility restrictions that are currently in place.

Specifically, the Georgia senator’s bill, co-sponsored by Chris Dodd among others, would extend the credit to multi-family properties that are used as the borrower’s primary residence, and eliminate the current income limits of $75,000 and $150,000 on those who wish to take advantage of the credit.

We will continue to update this story as we receive more information.

  • Update: The Wall Street Journal is reporting that in the new bill, “any buyer of a home – not just first-time home buyers – would be eligible for a tax credit worth 10% of the purchase price up to $15,000.”

This article originally published at https://dc.urbanturf.com/articles/blog/bill_proposing_15k_tax_credit_for_homebuyers_introduced_today/1017

3 Comments

  1. Tim said at 2:41 pm on Thursday June 11, 2009:

    As if this market weren’t tough enough… Its starting to look like 2005 the way some properties are selling.

    Careful Uncle Sam…

  1. Eric said at 4:38 pm on Thursday June 11, 2009:

    Isakson proposed the same language as an amendment to the stimulus bill.  It passed the Senate unanimously but was stripped out in conference.

    This bill will simply be referred to committee and killed, just like 90 percent or more of the bills introduced each session.

  1. Paris said at 3:42 pm on Friday June 12, 2009:

    You really think it will just get killed?  It seems like it’s needed to me.  Why put a restriction like 75K on people that live in cities like DC, Boston and NY?  All it does is motivate people that make less to get in homes which is obviously riskier than getting someone that is single and makes 80K/year to not be able to buy because they can’t get the 8K as a downpayment contribution.  Let’s face it, the cheapest decent size place you can get is 350K in cities like this.  Downpayments start to get pretty hard to come by for mortgages that high.

    How long do you think it would take before we know if this is going to happen or not?

Comments are closed.

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