$15,000 Home Buying Tax Credit: Still Alive?

Sen. Johnny Isakson suggests the measure could be resurrected as a stand-alone bill.

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It's been widely reported that the proposed $15,000 home buyer tax credit was cut out of the stimulus bill, as lawmakers looked to trim the massive price tag of the package.

[See The $15,000 Home Buying Tax Credit: 6 Things to Know.]

But Senator Johnny Isakson, the Georgia Republican who sponsored the amendment, has suggested that the measure could reemerge in a stand-alone bill.

From The Atlanta Journal-Constitution, via The Real Estate Bloggers:

Georgia Republican Sen. Johnny Isakson, who sponsored the legislation in an attempt to jump-start the ailing housing industry, isn’t giving up just yet.

Isakson said Thursday he will continue to push for the tax credit in a separate, standalone bill, and hinted that the idea may be gaining support among Democrats too.

“Quite frankly there is so much outward support for what we did … that I wouldn’t at all be surprised if you didn’t see it come back in some form with a Democrat’s name on it,” he said.

The Wall Street Journal reported Thursday that the $15,000 home buyer tax credit was killed during negotiations over the stimulus package, and was replaced with a similar, but smaller measure.

From the Wall Street Journal:

Congress slightly increased to $8,000 an existing $7,500 credit for first-time homebuyers and eliminated repayment provisions. Congressional negotiators said that $8,000 number isn’t yet finalized…

The new credit is retroactive to Dec. 31, 2008, which means that anyone who buys a house this year, through August, won’t have to repay it. First time buyers who used the credit in 2008 still have to pay it back over a 15-year period.


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