Key Republican Senators are pushing for a $15,000 tax credit (not a zero interest loan) that will apply to all home purchases (new or resale) in 2009. This would double the existing $7,500 tax credit (which is really a zero interest loan) and would be applied to the 12 months after enactment of bill passage. Senator Johnny Isakson (R, Ga) is sponsoring the amendment.
This bill has not passed, but is a key amendment to the current stimulus bill being pushed by President Obama and has bi-partisan support. There are three things that lawmakers and economists agree that the US needs to focus on to avoid a mini-depression, namely: 1) Jobs 2) Housing and 3) Banking. This tax credit goes right after the housing problem.
Stay tuned for firmer details in the next few days and weeks. We will keep you updated! This would be a substantial lift for buyers. For those that paid $10k in taxes in a given year, not only would you get a $10k refund- but the Government would give you an additional $5k refund or you would receive a $5k tax credit for 2010.
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