$15,000 Any-Time Home Buyer Tax Credit

June 16, 2009
Matt Isleib

 

There is a new bill that hit the Senate floor. Senate bill, S. 1230, The Home buyer Tax Credit Act of 2009 is underway. The bill proposed by Sen. Johnny Isakson, D-Ga. Is a replacement to the present $8,000 tax credit that first time home buyers can receive upon closing of a home before November 30^th of this year.

The bill expands on the tax credit, making it available to anyone who purchases a principal residence in the year following the bill’s enactment. The bill also would do away with income limitations of $75,000 for individuals and $150,000 for joint filings. The new bill would reach all walks of life and income levels.

The bill went to a Senate finance committee last week, where it awaits further action. The passing of the bill could help the potential for a slow-down in home buying as mortgage rates have rose sharply in the past month. Almost doubling the tax credit and making the credit available to not only first time home buyers but “all buyers” could help tremendously. It would certainly move some buyers on the fence since rates have gone up to re-evaluate buying a new home in taking the $15,000 tax credit into consideration. LoanClassroom will certainly keep you up to speed as the bill progresses through the Senate.