The Senate voted unanimously tonight to include the Isakson Amendment, a tax credit of 10% of the sales price (up to $15,000), for home purchasers buying a primary residence into the Stimulus Package. This would not need to be paid back and would be available for one year if it passes.
It still needs to make it into the final draft, due to be signed by the end of next week and hopefully this is one provision that will make the final cut.
The housing markets across the country could really use a boost and this could help. Many people are waiting to buy even though they are sitting in the middle of one of the best times to purchase they have ever seen and maybe this could help some of those who are on the fence make the decision to buy now, which will help the entire economy.
We can all use some good news right now and a lot of industries are looking for the government to help them, but fundamentally it makes sense to help kick start the housing sector. When more people begin buying homes the economy will benefit. There are so many jobs and companies that are affected by housing. Builders, contractors, road layers, Realtors, loan officers, title people, home inspectors, home warranty companies, attorneys, plumbers, electricians, carpet layers, home furnishing stores, and on and on and on…
**Update- Looks like the compromise is an $8000 tax credit for first time home buyers, who buy in 2009, that doesn’t need to be repaid.
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