Congress Weighs Buyer Tax Credit Expansion

Here we go again, Congress is looking at making adjustments to the $8,000 tax credit. We went through this last year with basically the only change being that it was not repayable. We'll see where this goes, but I would not get too excited just yet. Here is the article I found:

Legislation introduced in Congress Wednesday would expand the tax credit now limited to first-time homebuyers to any purchaser of a home and increase the maximum available to $15,000.

The tax credit passed earlier this year is limited to $8,000 and has income caps.

U.S. Sen. Johnny Isakson, a Georgia Republican, introduced the legislation, and Senate Banking Committee Chair Christopher Dodd, a Connecticut Democrat, quickly stepped up to co-sponsor.

The National Association of REALTORS® and the National Association of Home Builders have said they would like to see the tax credit improved.

Source: The Wall Street Journal, Jessica Holzer (06/10/2009)