Hackney's Houses

So what's the stimulus package look like for residential real estate?  This could be a monumental move to break up the log jam and get us moving in a positive direction.  As outlined below by www.housestimuluspackage.com we can see in very clear dollars and sense how this would motivate and inspire both buyers and sellers.

SENATOR ISAKSON'S $15,000 TAX CREDIT:

As it currently stands, the Senate has voted and passed an amendment to the economic stimulus package that will give up to $15,000 tax credit towards a new home.  This amendment was offered by Senator Johnny Isakson (R-GA). . .(more), with Senator Joe Lieberman (I-CT). . .(more) as a co-sponsor that would extend and expand the home buyer tax credit.  The proposed amendment details are as follows:

• A tax credit in the amount of $15,000 or 10 percent of the purchase price.
• Tax credit option to be used all in one year or spread out over two years.
• The tax credit is available for one full year.
• You can claim the tax credit against your 2008 tax return.
• Buyers must occupy the homes for two years or face recapture of tax credit.
• Investors are not eligible for the tax credit.
• The previous $7,500 Housing Tax credit will be sunsetted.
• It will add approximately $18.3 billion to the stimulus bill.

The Senate unanimously approved a proposal by Senator Isakson (R-GA) that would give a $15,000 tax break or up to 10% percent to anybody who buys a house by the end of the year.

Home builders and members of the home building field immediately cheered its passage. The amendment is a much needed help to builders and suppliers of the housing industry.