The Senate wants a $15,000 tax credit for all Homebuyers! All homebuyers, not just new home buyers- would be entitled to a $15,000 federal tax credit and no qualification caps would be placed on their income, under the recently introduced legislation. This new language was introduced by our own Senator Johnny Isakson (Georgia) who is one that really understands the real estate industry. Johnny Isakson was a broker and top realtor in Atlanta for over three decades! The language was introduced by Sen. Isakson who says that a $8000 first time homebuyer tax credt that became law last year “has made a difference” but he KNOWS we need to expand that. Senator Isakson says he has bipartisan support from a least nine senators, including Banking Committee chairman Chris Dodd, D-Conn. The $8,000 FTHM tax credit is set to expire in December 1, 2009 and has income caps of $75,000 for an individual and $150,000 for a couple. The Morgage Bankers Association and National Association of Realtors have already voiced their support for the bill.
Anywone in this economy knows that this type of incentive will make a difference in the real estate market and I would encourage you to write your Senator and keep up the pressure on our current administration to put a continued focus on the real estate industry! All of that said, and it is an important piece of information that I wanted to pass on, we all need to be informed about what is happening in real estate today and I will KEEP YOU…informed. Stay tuned for more!
