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Homebuyer Tax Credit of $15,000 Re-Introduced to Congress
Right now the $8,000 tax credit has first time home buyers house hunting for bargains. But the housing market continues to be little more than sluggish, with rates creeping up in recent weeks causing a decline in mortgage applications.
Enter Georgia Senator Johnny Isakson. Last January, Isakson proposed a $15,000 tax credit for home buyers as part of the national stimulus taking shape in congress. When the bill finally passed in February, the amount had been reduced to $8,000, available exclusively for first time home buyers. This week Isakson has returned, backed by a group of bipartisan co-sponsors, asking lawmakers to reconsider the original credit.
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