Housing could get a big boost from the latest addition to the mammoth stimulus bill working its way through Congress.
Senate legislators unanimously approved a proposal Wednesday that would allow a tax credit for home buyers of 10 percent of the value of new or existing residences, up to a $15,000 limit. Current law provides for a $7,500 tax break but only for first-time homebuyers.
"It is time to fix housing first," said Sen. Johnny Isakson, R-G.Isakson's office said the proposal would cost the government an estimated $19 billion.
In all, the stimulus is now topping an estimated $920 billion.
In an op-ed that appears in Thursday’s Washington Post, President Barack Obama painted a dire picture if Congress fails to move quickly to pass the stimulus bill. "This recession might linger for years. Our economy will lose 5 million more jobs. Unemployment will approach double digits. Our nation will sink deeper into a crisis that, at some point, we may not be able to reverse," Obama wrote in the op-ed titled, "The Action Americans Need."
Stay Informed! Subscribe!
Free No-Obligation Consultations Available Anytime!
Call, Text or E-mail us at:
Tony Wilson (317)354-7410 tonywilson@callcarpenter.com
Valerie Wilson (317)441-3921 vwilson@callcarpenter.com
or visit http://www.wilsonrealtors.net/
Thinking about selling and not sure if the time is right?
Visit www.WilsonWorksForYou.com to see what we can do for you!
Senate legislators unanimously approved a proposal Wednesday that would allow a tax credit for home buyers of 10 percent of the value of new or existing residences, up to a $15,000 limit. Current law provides for a $7,500 tax break but only for first-time homebuyers.
"It is time to fix housing first," said Sen. Johnny Isakson, R-G.Isakson's office said the proposal would cost the government an estimated $19 billion.
In all, the stimulus is now topping an estimated $920 billion.
In an op-ed that appears in Thursday’s Washington Post, President Barack Obama painted a dire picture if Congress fails to move quickly to pass the stimulus bill. "This recession might linger for years. Our economy will lose 5 million more jobs. Unemployment will approach double digits. Our nation will sink deeper into a crisis that, at some point, we may not be able to reverse," Obama wrote in the op-ed titled, "The Action Americans Need."
Stay Informed! Subscribe!
Free No-Obligation Consultations Available Anytime!
Call, Text or E-mail us at:
Tony Wilson (317)354-7410 tonywilson@callcarpenter.com
Valerie Wilson (317)441-3921 vwilson@callcarpenter.com
or visit http://www.wilsonrealtors.net/
Thinking about selling and not sure if the time is right?
Visit www.WilsonWorksForYou.com to see what we can do for you!
Posts
No comments:
Post a Comment