Capitol Building, Washington DC
This week, Johnny Isakson (GA-R) introduced stand-alone legislation to boost housing demand and to restore the economy by expanding the first-time homebuyer tax credit passed by Congress earlier this year.
The legislation would increase the maximum amount of the credit from $8,000 to $15,000 and expand the current tax credit so that it applies to any buyer of any home, not just first-time buyers. The legislation also would eliminate the income caps of $75,000 for an individual and $150,000 for a couple under the current tax credit. Finally, the legislation would extend the tax credit for one year from date of enactment and would allow homebuyers to claim the credit on their 2009 tax return for purchases made in 2010.
More information is available here for the push to stimulate the housing market.