Sen. Johnny Isakson -- the Georgia Republican whose previous attempts to boost the first-time homebuyer tax credit to $15,000 have been shot down by fellow lawmakers -- hasn't given up on the idea.Isakson, the former president of Northside Realty, has introduced a bill that would not only raise the tax credit's current $8,000 cap but make it available on any purchase of a primary residence -- not just to first-time homebuyers. The bill, S.1230, would also eliminate the current income ceilings of $75,000 for individuals and $150,000 for couples.When Isakson introduced a similar bill last year, the Congressional Budget Office estimated the cost of such a broad tax credit at $34.2 billion. Lawmakers balked and enacted a $7,500 tax credit instead, which functioned more like an interest-free loan since it had to be repaid over a 15-year periodThis year, the Senate got behind an Isakson amendment that would have expanded the tax credit as part of the economic stimulus bill passed in February...
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