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