AP
WASHINGTON (Feb. 4) - The Senate voted Wednesday night to give a tax
break of up to $15,000 to homebuyers in hopes of revitalizing the
housing industry, a victory for Republicans eager to leave their mark
on a mammoth economic stimulus bill at the heart of President Barack
Obama's recovery plan.
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 but only for first-time homebuyers.
Isakson's office said the proposal would cost the government an
estimated $19 billion.
Democrats readily agreed to the proposal, although it may be changed
or even deleted as the stimulus measure makes its way through Congress
over the next 10 days or so.
WASHINGTON (Feb. 4) - The Senate voted Wednesday night to give a tax
break of up to $15,000 to homebuyers in hopes of revitalizing the
housing industry, a victory for Republicans eager to leave their mark
on a mammoth economic stimulus bill at the heart of President Barack
Obama's recovery plan.
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 but only for first-time homebuyers.
Isakson's office said the proposal would cost the government an
estimated $19 billion.
Democrats readily agreed to the proposal, although it may be changed
or even deleted as the stimulus measure makes its way through Congress
over the next 10 days or so.
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