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Legislation introduced in Congress Wednesday would expand the tax credit now limited to first-time homebuyers to any purchaser of a home and increase the maximum available to $15,000.The tax credit passed earlier this year is limited to $8,000 and has income caps.U.S. Sen. Johnny Isakson, a Georgia Republican, introduced the legislation, and Senate Banking Committee Chair Christopher Dodd, a Connecticut Democrat, quickly stepped up to co-sponsor.The National Association of REALTORS® and the National Association of Home Builders have said they would like to see the tax credit improved.
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