As a member of the Home Builders Association, we have been discussing and promoting the bill introduced by Sen. Johnny Isakson, R-Ga., to advance a $15,000 homebuyers tax break, with the intent to help revive the housing industry.
I am so happy to report that the Senate voted Wednesday night to give a tax break of up to $15,000 to homebuyers. The proposal would allow a tax credit 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 for the purchase of new homes only)
Of course this bill could be changed as the measure makes its way through Congress over the next 10 days or so, but it's baby steps in the right direction. I realize that it's not going to help those who are struggling now to keep their homes. I think we all have realized by now that there is no miracle cure for the housing crises. What this will do is allow and even influence buyers to purchase homes. It will be too good of a deal to pass up.
More importantly, there are items being introduced on a State Level to provide additional stimulus and help get the housing market moving with rapid speed in the Georgia market. I will be attending a Legislative Luncheon on the 18th to support some of these measures, and our local representatives. Stay tuned for updates. There is GOOD NEWS on the horizon.
I am committed to keeping you informed, and providing you with the most current information to help you make decisions regarding the purchase or sale of your home. Contact me for more information!
Kimberly Wilson, Your Dawsonville Real Estate Specialist!
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