Senate OKs $15,000 Bonus for Home Buyers

Housing could get a big boost from the latest addition to the mammoth stimulus bill working its way through Congress. Senate legislators unanimously approved a proposal Wednesday that would allow a tax credit for home buyers 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. "It is time to fix housing first," said Sen. Johnny Isakson, R-G. Isakson's office said the proposal would cost the government an estimated $19 billion. In all, the stimulus is now topping an estimated $920 billion. In an op-ed that appears in Thursday’s Washington Post, President Barack Obama painted a dire picture if Congress fails to move quickly to pass the stimulus bill. "This recession might linger for years. Our economy will lose 5 million more jobs. Unemployment will approach double digits. Our nation will sink deeper into a crisis that, at some point, we may not be able to reverse," Obama wrote in the op-ed titled, "The Action Americans Need."

Source: The Associated Press, David Espo (02/05/09) Contact your senators and representatives to let them know that you believe these provisions are essential components of any stimulus bill.

You can go to the official Senate (www.senate.gov) and House (www.house.gov) web sites to locate the email and phone number of your legislators.