Senator Johnny Isakson, R-Ga is proposing to expand the tax credit beyond the $8000 first-time buyer tax credit to include any buyer. The legislation currently in the House would raise the credit amount to a maximum of $15,000 for ANY buyer of ANY home over next year. Income caps that currently apply (limits of $75,000 for an individual and $150,000 on couples) would also be removed.
“I think we’ve got a realistic chance of doing this,” Isakson says. “Our problem is not with the first-time home buyer, it’s the move-up buyer.”
This proposal is also endorsed by Lawrence Yun, chief economist of the National Association of Realtors. He says extending, or raising the tax credit would help to SPUR THE HOUSING RECOVERY, which in turn would bolster the economy.
What are your thoughts on this? What other ideas do you have to get our economy back “on tract” and reducing unemployment?
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Brought to You By Your Favorite Realtor,
Nancy Hankin
www.PalmSpringsHomesAndEstates.com
