Senate Bill Wants $15K Tax Credit for All Homebuyers

All homebuyers — not just new ones — would be entitled to a $15,000 federal tax credit and no qualification caps would be placed on their income, under recently introduced legislation. The language was introduced by Sen. Johnny Isakson, R-Ga., who says that a $8,000 first-time homebuyer (FTHB) tax credit that become law last year "has made a difference" but wants to expand it. Sen. Isakson says he has bipartisan support from at least nine senators, including Banking Committee chairman Chris Dodd, D-Conn. The $8,000 FTHB tax credit is set to expire Dec. 1 and has income caps of $75,000 for an individual and $150,000 for a couple. The Mortgage Bankers Association and National Association of Realtors have already voiced their support for the bill (S. 1230, "The Homebuyer Tax Credit of 2009.") Before he was elected, Sen. Isakson was a Realtor and worked in real estate for three decades, according to his office.