The $15,000 tax credit for home buyers has struck a cord across the country. It was dropped in the stimulus bill that is winding it’s way through Congress, but in the long term it may not be dead.
Georgia Senator Johnny Isakson, a former real estate broker himself, is the sponsor of the bill and is looking to get the 15,000 dollar tax credit through the Congress before the end of the year.
With real estate down so much over the past two years and many buyers on the sidelines, this could help the industry get it’s footing.
One thing I am asking is that it be retroactive to the first of the year. And mention it in every speech that he gives on the tax credit.
This would at least keep the market moving forward even if the bill fails. It would not create the situation where the market stalls out waiting for the passage one way or the other.
Quite frankly there is so much outward support for what we did … that I wouldn’t at all be surprised if you didn’t see it come back in some form with a Democrat’s name on it,” he said.
Isakson said he has heard from consumers who have already put contracts on houses in hopes that the credit will be enacted one way or another this year.
“Just the fact that it was being anticipated was starting to drive the market,” Isakson said.
A survey released earlier this week by Fix Housing First, a coalition led by housing industry companies, found that the majority of Americans support the idea. According to supporters of the bill, it would have quickly helped create tens of thousands of jobs and pumped millions of dollars into the economy. ajc.com.