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Senate Unanimously Approves Isakson Amendment to Stimulate Housing Market
Senate Unanimously Approves Isakson Amendment to Stimulate Housing Market
WASHINGTON The U.S. Senate today unanimously approved an amendment to the Fiscal Year 2010 Budget Resolution by U.S. Senator Johnny Isakson, R-Ga., that seeks to stimulate the nations declining housing market by providing for a $15,000 tax credit to individuals who purchase a home in the next year.
Our economic crisis started with housing, and our economy will continue to suffer unless we do something now to immediately fix the housing problem, Isakson said. Im pleased my colleagues in the Senate understand the importance of creating targeted incentives that will encourage Americans to buy homes again.
Isaksons amendment to the Budget Resolution would create a deficit-neutral reserve fund for providing a nonrefundable federal income tax credit for the purchase of a principal residence during a one-year period. It would also ensure that there is room available in the Fiscal Year 2010 budget levels for a homebuyer credit to be passed at a later date. Isakson plans to introduce his $15,000 tax credit as a stand-alone bill in the next few weeks.
On Feb. 4, 2009, the Senate unanimously approved an amendment by Isakson to the economic stimulus bill would ... more

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