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Monday, June 22, 2009

More legislation to help home buyers?

Delta Media Group recently blogged about a new legislative proposal that could increase the current first-time home buyer tax credit to $15,000, and lift the first-time home buyer and financial stipulations.

Today, USA Today is reporting that a handful of new home buyer tax credits have been proposed, potentially increasing the chance that another could be passed to help the real estate market.

The USA Today article mentions three proposals that could increase or extend the current credit, including:

  • "A Senate bill to expand the tax credit to $15,000 for any home buyer regardless of income was introduced this month by Sen. Johnny Isakson, R-Ga. It is co-sponsored by Senate Banking Committee Chairman Chris Dodd, D-Conn.
    'It would go a long way toward inducing trade-up buyers into the market,' says Lawrence Yun, chief economist at the NAR.
  • A House bill to keep the $8,000 credit in place until June 2010 and expand it to all home buyers was introduced last month by Rep. Kenny Marchant, R-Texas. It also would provide a $3,000 credit to homeowners who refinance.
  • Another bill in the House, introduced by Rep. Eddie Bernice Johnson, D-Texas, would extend the credit to all home buyers through 2010."


Have you experienced an influx in business due to the first-time home buyer tax credit? How do you feel these new proposals might help?

Check back to Delta Media Group's blog for more details on home buyer tax credit legislation.

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