Senator Isakson Proposes an Extension of the Housing Tax Credit

Atlanta Real Estate Forum is happy to give you an update on the 8000 credit for first-time homebuyers. It was renewed. See updated information posted on 11/6/09.

With five weeks left before the $8,000 credit for first-time home buyers ends, this topic has been on everyone’s mind. And it isn’t only real estate industry professionals that are discussing the home buyer tax credit, even Congress is debating the issue on whether or not it should be extended. In fact, our local Atlanta Senator, Johnny Isakson, is one of the Congressmen spearheading a campaign to extend and enhance the credit in order to keep the recent momentum of the real estate market.

Senator Isakson has partnered with Senator Chris Dodd to co-sponsor new legislation that would call for an extension of the tax credit. The extension will include several new aspects.

The legislation would entitle the program for all homebuyers, not just first-time buyers and would run until June 30, 2010 . It would also call for an increase of the income limits for the program to change from $150,000 to $300,000 per couple. The change in parameters would open up for a much larger crowd to benefit from this, ideally resulting in more buyers in the market. And, it is a good theory considering over one million taxpayers have taken advantage of the credit so far.

The Obama administration has not yet taken a stance whether or not an extension should be passed and is still evaluating the position. But, you can help out the new proposed legislation by contacting your local congressman and expressing your support for it. And, remember that there isn’t much time left to get an extension passed.

The Atlanta Journal Constitution recently published an article about the proposed legislation that you can look to for more detailed information.