How the Isakson Amendment Went from $15K to $8K
February 18th, 2009 Categories: Real Estate, Real Estate News
Despite the unanimous approval in the Senate, in the final version of the stimulus package, Sen. Isakson’s proposed $15,000 tax credit for all purchasers of ANY home was removed. Instead, the House and Senate negotiators made small modifications to the first-time homebuyer tax credit that was enacted in 2008 as part of the Housing and Economic Recovery Act of 2008.
“This economic stimulus bill is yet another example of Congress throwing money at the symptoms but not getting to the root of the problem. This economic decline began in housing and it will only end when the housing market rebounds,” Isakson said. “I’m extremely disappointed the members of Congress negotiating the final package decided to eliminate my $15,000 tax credit for all Americans who purchase a home. I will continue to pursue my proposal as stand-alone legislation. We have historical precedent that shows this idea works and there has been so much public support for it. I believe my colleagues will go home next week and their constituents will ask them why a tax credit for all buyers and all homes wasn’t included in the final stimulus bill. I’m optimistic it can still be done.”
I heartily recommend everyone contact their representatives and let them know that you support Sen. Isakson’s ORIGINAL amendment. As a matter of fact, you think it’s so important that it needs it’s own bill! An $8,000 tax credit for first-time home buyers in nothing to scoff at, to be sure, but it certainly isn’t going to do enough to get the housing markets moving again. With something dramatic like the $15,000 tax credit for EVERYONE, people would sit up and take notice.
