Congress Seeks to Expand Tax Credit for Homebuyers!

Bloomberg reports, that Congress is seeking to expand the Home buyer Tax Credit to all purchasers, increase the credit to $15,000.00 and remove income and other restrictions on the current First Time Home buyer tax credit.

The Bill sponsored by Senator Johnny Isakson, a Georgia Republican is co-sponsored by Democrat Christopher Dodd, Senate Banking Committee Chair. The legislation also seeks to allow purchasers to utilize the tax credit in the purchase of multi-family homes used as the purchaser's primary residence.

Many economists feel that the housing market continues to be a drag on the national economy and remains a stumbling block to a recovery. The hope is that the proposed legislation will help reduce the current housing inventory and stimulate activity among home purchasers outside of the first-time buyer group.