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▣ Could Homebuyers see a tax credit of $15,000
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The Senate voted Wednesday night to give a tax break of up to $15,000 to homebuyers in hopes of revitalizing the housing industry.
Sen. Johnny Isakon, R-Ga., who advanced the homebuyers tax break, said this tax break is intended to help revive the housing industry, which has collapsed in the wake of the credit crisis that began last fall.
On Tuesday Feburary 2, 2009 Atlanta and the metro counties had around 8,000 foreclosure auctioned off. This is a record high and they are predicting there will be more forclosures at a record number to come.
This proposal would allow a tax credit of 10 percent fo the value of new or existing residence, up to a $15,000 limit. The current law provides a tax credit of $7,500 for the purchase of new homes only.
According to Isakon's office this proposal would cost the government an estimate of $19 billion.
Democrates agreed to the proposal but it still has to go to the house and who knows it may be reject. We will keep you informed on this developing proposal.
Disclaimer: The information on this site is for educational purposes only. It is not intended as a substitute for the advice of a qualified real estate, financial and legal professional. We assume no responsibility for the use or misuse of information contained on this site.
last edited on February 10th, 2009 at 7:18 PM
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