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Bill would boost tax credit to $15,000

All borrowers would be able to claim homebuyer credit
Published on Jun 11, 2009

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by CareyBot

Sen. Johnny Isakson -- the Georgia Republican whose previous attempt to boost the first-time homebuyer tax credit to $15,000 was shot down in the House -- 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 would also eliminate the current income ceilings of $75,000 for individuals and $150,000 for couples.