Johnny Isakson, a Republican Senator for Georgia has a solution for jump starting the housing market.  Tax credits for everyone.  And, double down.

As the housing recovery continues to falter in the face of rising interest rates, fuel prices, unemployment and continuing foreclosures.  A Republican Senator has introduced legislation that expands the $8000 tax credit program for first time buyers.

• The proposal increases the tax credit for purchasing a home to $15,000.  Nearly double the current $8000 credit.
• The proposed bill would allow everyone who buys real estate to qualify for the credit.  It waives the requirement that disqualifies buyer’s who have owned property in the last 3 years.
• Income Requirements are out the window, too.  Even Donald Trump, and other millionaires, would qualify for the $15,000 incentive.
• Landlords and Investors are Welcome.  Multi-family units qualify for the tax credit, as long as the owner lives in one of the units.
• Deadline for Purchasing is Extended.  The plan would extend the generous benefit for up to one year, after the bill passes.  Buyer’s could extend closings well into 2010, if the bill passes.
• Taxpayers can Collect Early.  The bill allows taxpayers to earn the credit now, by amending their 2009 tax return for purchases made in 2010.  Also, no waiting until you file your in 2010 return in April of 2011 to collect the $15,000.

The bill has a lot of respected, powerful, co-signers on board, including Senators Lamar Alexander (R-TN); Jim Bunning (R-KY); Saxby Chambliss (R-GA); Chris Dodd (D-CT); John Ensign (R-NV); Joe Lieberman (ID-CT); Lisa Murkowski (R-AK); James Risch (R-ID); David Vitter (R-LA).   Also, giving two thumbs up to the plan is the National Association of Realtors (although, not a surprise).

In light of the stalled US economy, what do we have to lose?  The costs of carrying distressed property are staggering, both financially and emotionally.  Millions of vacant neglected homes are a blight on otherwise good neighborhoods.  Distressed properties continue to drag down home values across the board.   Getting rid of excess inventory improves cash flow for lenders, gets bad assets off the books and encourages more lending.

If providing a tax credit to any buyer willing to jump into this uncertain market environment will help the American taxpayer, then why not?  We have certainly spent much more money witjout the prospect for doing this much good!

Thank you for visiting Why 6 Percent.  We have a marketing program which exposes your real estate to over 10 million homebuyers each month.  Best of all, the cost is only $399.  You can’t sell your home by waiting on a drive by.  Call us today at 1-800-381-9496 to learn how we can help you  succeed, like we have helped thousands of other seller’s.

1. Otha Magwood says:

   May 4, 2010 at 4:51 am

   Would it be possible to get permission to use some of your posts on forums with a link?
2. tommi says:

   May 6, 2010 at 11:24 am

   Yes, we would be more than happy to work with you on your forums