The Senate voted last Wednesday night to give a tax break of up to $15,000 to homebuyers in hopes of revitalizing the housing industry, but it isn't official yet...
Senator Johnny Isakson, a Georgia Republican who sponsored the amendment, said it was critical to pulling the economy out of the worst recession in decades. "If we don't fix housing first, it doesn't matter what else we fix," Isakson said. Isakson patterned his plan after a decades-old idea he says helped lift the economy out of recession in 1975. Isakson's website
The provision faces an uncertain future because it would have to win support in the House of Representatives to be included in the final economic stimulus plan. The Senate provision would allow homeowners to split the $15,000 into two separate tax credits of $7,500 to be taken in successive years. Bloomberg.com
The new credit, approved by the Senate Wednesday night, could work like this: Buyers would get 10 percent of the purchase price of any home, up to $15,000, applied to their tax bill.
Purchases must be made within one year of the legislation's enactment, and the tax credit would not have to be repaid.
Anyone who buys a home within a year of the bill's signature would qualify. To deter speculators, buyers must occupy the house as their main residence for at least two years.
This proposal is definitely causing many people to think a bit more seriously about buying a home in 2009.
Stay tuned and Let's see what happens on Tuesday, Feb 9, 2009.
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Dawn Barrier at HOMESMART ENCORE Las Vegas, Nevada
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