Laws are like sausages, it is better not to see them being made ~~ Otto Von Bismarck
The House and Senate reached an accord on the economic stimulus package this afternoon. The package was whittled down to $789 billion, significantly less that the $838 billion proposed by the Senate version and the $819 billion House version.
One of the provisions that did not make the cut was the $15,000 tax credit for homeowners proposed by Georgia Senator Johnny Isakson. The overall cost of the credit would have been $35 billion. In its place, a more modest proposal will eliminate the repayment requirement currently tied to the $7,500 tax credit for first-time homebuyers. In its current format, the $7,500 credit is in effect an interest-free loan that must be repaid within 15 years.
While I am disappointed that the $15,000 credit for all homeowners has been excised from the package, I am grateful for the extra boost for first-time homebuyers.
Comments (12)Subscribe to CommentsComment