Senator Johnny Isakson has introduced new legislation that would significantly expand the existing first-time home buyer tax credit. Isakson is a Republican from Georgia, but he was joined by a bi-partisan group of co-sponsors, including Senators Chris Dodd, a Democrat, and Joe Lieberman, an Independent.
Key Provisions
- The maximum amount of the credit would be increased from $8,000 to $15,000
- The credit would be available to all home buyers, not just first timers
- The current $75,000 and $150,000 income limit for individuals and couples would be eliminated
- The credit would be extended one year from the date of passage
- Buyers could claim the credit on 2009 tax return, even if the purchase was in 2010
Another group of senators, including Harry Reid and John Ensign, are pushing for a six month extension of the existing tax credit for first-time buyers.
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