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Friday, June 12, 2009

Homebuyer tax credit could still be expanded

The current $8,000 homebuyer tax credit could still be boosted to $15,000, if a U.S. Senator gets his way.

Johnny Isakson, R-Ga., introduced legislation yesterday that would beef up the current homebuyer tax credit if passed. The legislation would affect the credit in three major ways:
  • It would increase the maximum tax credit from $8,000 to $15,000.
  • It would apply to all homebuyers, instead of just first-time homebuyers.
  • It would eliminate the current credit's income caps of $75,000 for an individual and $150,000 for a couple.

Isakson initially tried to push a $15,000 tax credit through for all homebuyers with President Obama's first economic stimulus bill. The bill was revised, and the tax credit was cut from $15,000 to $8,000, and restricted to only first-time homebuyers.

The National Association of Realtors endorsed Isakson's legislation yesterday. Read more about Isakson's first-time homebuyer legislation here.

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