Friday, June 12, 2009

New Homebuyer Credit to Increase to $15,000? if enough people are not already fuming that since its revision, the new homebuyer credit no longer has to be repaid- Thousands of people took advantage of the $7,500 credit last year which has to be repaid over the next 15 years. You can imagine how enraged they became when earlier this year the credit was revised so that all 2009 homebuyers can receive the credit as basically FREE MONEY with no repayment (of course conditions do careful).

Now the senate is considering another revision. They've proposed increasing the maximum amount from $8,000 to $15,000! And the big news here- not only would the amount of the credit be increased, the proposed legislation would also expand the current tax credit so that it applies to any buyer of any home- not just first-time buyers.

The legislation would also eliminate the income caps under the current tax credit so that there would be no income limit for eligibility (currently it is $75,000 for an individual and $150,000 for a couple). The legislation would extend the tax credit for one year from the date of enactment, allowing homebuyers to claim the credit on their 2009 tax return for purchases made in 2010.

Republican Senator Johnny Isakson of Georgia has introduced the bill. You can read more about it by copying and pasting the following link.

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