Jun 22, 2009
Congress considers raising 1st time tax credit to $15K
22 Jun 2009
Posted by Andrew Kantor
Today’s USA Today is reporting that Congress is looking at several ways of expanding or extending the current $8,000 tax credit for first-time buyers – but not everyone is thrilled with the idea.
What kind of stuff?
- There’s a Senate bill that would expand the tax credit to $15,000 for any home buyer regardless of income (sponsored by Johnny Isakson, R-Ga. and Chris Dodd, D-Conn.).
- One House bill would extend the current $8,000 credit to all home buyers through 2010.
- A different House bill would keep the current credit in place until June 2010, expand it to all home buyers, and offer a $3,000 credit to homeowners who refinance.
Business leaders like the ideas (in general). So, of course, does NAR. But there’s some push-back as people are concerned with government spending – with the Iraq War, bailouts, and incentives all driving the deficit through the roof. If there was a roof.