Congress considers raising 1st time tax credit to $15K

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.

Go forth and read.

About Andrew Kantor

Andrew is VAR's editor and information manager, and -- lessee now -- a former reporter for the Roanoke Times, former technology columnist for USA Today, and a former magazine editor for a bunch of places. He hails from New York with stops in Connecticut, New Jersey, Cincinnati, Columbus, and Roanoke.
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One Response to Congress considers raising 1st time tax credit to $15K

  1. Jim Duncan says:

    Quite honestly, this is a terrible idea. Buyers held off earlier this year when they heard that there might be a tax credit coming, and now this … unless they are going to extend the tax credit to next November, I think that this may do more harm than good.

    The government really ought to refrain from meddling with markets. Until they can get their own house in order, they should stay out of ours.

    /rant

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