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Bill Proposing $15K Tax Credit for Homebuyers Introduced Today

  • June 11th 2009

by Mark Wellborn

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If you think the $8,000 tax credit for first-time homebuyers is a good idea, then you will probably like the idea of a $15,000 tax credit.

UrbanTurf has learned that Senator Johnny Isakson will introduce a bill today that would almost double the current tax credit to $15,000, and remove a number of the eligibility restrictions that are currently in place.

Specifically, the Georgia senator’s bill, co-sponsored by Chris Dodd among others, would extend the credit to multi-family properties that are used as the borrower’s primary residence, and eliminate the current income limits of $75,000 and $150,000 on those who wish to take advantage of the credit.

We will continue to update this story as we receive more information.

  • Update: The Wall Street Journal is reporting that in the new bill, “any buyer of a home – not just first-time home buyers – would be eligible for a tax credit worth 10% of the purchase price up to $15,000.”

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/bill_proposing_15k_tax_credit_for_homebuyers_introduced_today/1017.

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