On Wednesday, the Senate unanimously approved my amendment to the Fiscal Year 2010 Budget Resolution that seeks to stimulate the nation's declining housing market by providing for a $15,000 tax credit to individuals who purchase a home in the next year. My amendment creates 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 for a homebuyer tax credit to be passed at a later date. I plan to introduce my $15,000 tax credit as a stand-alone bill in the next few weeks.
Our economic crisis started with housing, and our economy will continue to suffer unless we do something now to immediately fix the housing problem. I'm pleased my colleagues in the Senate understand the importance of creating targeted incentives that will encourage Americans to buy homes again and implement the first step in my four-point plan to economic recovery