14
Jun
New $15,000 Housing Tax Credit
Will the $8,000 First-Time Home Buyer Tax Credit Expand to $15,000?
To again help the ailing housing market, Sen. Johnny Isakson, a Republican from Georgia has introduced legislation that would beef up the tax credit for first-time home buyers. Under the terms of his bill, the size of the credit would expand to a maximum of $15,000 from the previous cap of $8,000, and it could be taken by anyone who buys a primary residence, instead of only by first-time home buyers. The bill would also remove the income limits that had prevented individuals making more than $75,000 a year from claiming the credit, which would be available for a year after the date of the bill’s enactment.