$15,000 Home Buyer Tax Credit Applauded

The National Association of Home Builders applauded Senate passage of economic stimulus legislation that would help boost employment and tackle the housing and economic crisis head-on by expanding the home buyer tax credit.
“The enhanced $15,000 tax credit offers a powerful incentive for home buyers to get off the sidelines and represents the best opportunity for economic recovery,” said Joe Robson, NAHB chairman, a Tulsa home builder. “Congress must make sure that the full $15,000 tax credit remains in the final stimulus plan.”
The amendment to the stimulus package, offered by Sens. Johnny Isakson (R-Ga.) and Joe Lieberman (D-Conn.) and approved by unanimous voice vote, would create a $15,000 home buyer tax credit available to all purchasers of a principal residence for one year after its date of enactment.
The tax credit would not have to be repaid and buyers could claim it against their 2008 and/or 2009 tax returns.
The $15,000 home buyer tax credit would replace and sunset a much narrower tax credit that was enacted last year. Available only to first-time home buyers, the current $7,500 tax credit works like an interest-free loan that must be repaid over a 15-year period. It is set to expire on July 1. Extending and expanding the home buyer tax credit will spark the activity the economy needs to stop shedding jobs and begin creating them, said Robson.

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