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Johnny Isakson, Saxby Chambliss Increase $8000 Tax Credit !

By
Real Estate Agent with ROSE ANNE ERICKSON REALTY, LLC. Columbus Ga

Columbus  Ga Homes, Fort Benning Realtor -Sen. Isakson     Georgia Senator Johnny Isakson is still worried about the current Real Estate crisis.  He doesn't think that the stimulus package is enough and wants to raise the $8000 tax break to $15000.  He went on to say that, "the sale of thousands of empty, undeveloped lots in subdivisions around Atlanta and throughout the nation is critical to stabilize the housing market." Columbus Ga Homes, Fort Benning Realtor, Sen. Chambliss

      The Republican Senator from Georgia is sponsoring a bill to benefit ALL HOME BUYERS.  Isakson's bill would eliminate the current income limit of  $75,000 for an individual and 150,000 for a couple.  His bill would increase income limits to $150,000 and $300,000 respectively.  Senator Isakson's amendment would extend the tax break until June 30th 2010.  Saxby Chamblis, Republican Senator also from Georgia is a co sponsor of the amendment.

     Senator Isakson stated, "he is also worried about housing near Military Installations". He mentioned, the expected growth of Columbus Ga and Fort Benning and also the Fort Knox area.  Thousands of soldiers will be moving from one location to another and the continued stimulus will make home sales easier for them. 

      Not everyone agrees with the Georgia Senators, but they have my support. Their efforts to protect our soldiers is commendable.  I think it is the smart thing to do! 

 

 

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John Mulkey
TheHousingGuru.com - Waleska, GA
Housing Guru

Erika - I'd certainly support a tax incentive to help our soldiers, but cannot justify either continuing or increasing the current program. The cost per additional sale is far too high and the long term benefit is questionable.

Oct 10, 2009 01:08 PM
Vickie McCartney
Maverick Realty - Owensboro, KY
Broker, Real Estate Agent Owensboro KY

Hi Erika~ I am not sure what to think about the tax incentive being higher.  I guess if it is for anyone to use, I would even consider making a move to a smaller home and take advantage of the tax credit while I am at it!

Oct 10, 2009 01:20 PM
Erika Nicholson
ROSE ANNE ERICKSON REALTY, LLC. Columbus Ga - Fort Benning, GA
Columbus Ga Homes, Columbus Ga Real Estate, Ft Benning Ga,

Hello John,  Speaking from personal experience with the tax credit this year, half of my first time buyer clients bought their home because of the tax credit.  Two of those were young military couples.  The rest of them were talking about improvements to the homes they bought, like carports.   The rest will certainly have a financial cushion for whatever arises.

I think the long term benefit will be a few more happy kids starting families in their homes.
I'm glad to hear from you and hope that next year along with our Senators,  I can say I was right!

Oct 10, 2009 01:36 PM
Erika Nicholson
ROSE ANNE ERICKSON REALTY, LLC. Columbus Ga - Fort Benning, GA
Columbus Ga Homes, Columbus Ga Real Estate, Ft Benning Ga,

Hi Vickie,  It would be very tempting.   I will really be surprised if the Georgia Senators get everything they have asked for.  Lenders lowering the downpayment amount on investment homes would help me more.  Have a good evening!

Oct 10, 2009 01:44 PM