LakeCumberlandBoaters.com

They're actually trying to stimulate the economy instead of spending $$$ on things that don't.

WASHINGTON — The Senate voted Wednesday night to give a tax break of up to $15,000 to home buyers 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.

Sen. Johnny Isakson, R-Ga., who advanced the home buyers tax break, said it was intended to help revive the housing industry, which has virtually collapsed in the wake of a credit crisis that began last fall.

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 home buyers.


http://www.kentucky.com/216/story/683922.html

If you want stimulus, take the trillion and give it back to the tax payers that paid it. That would amount to $26,000.00 for each person that filed a tax return last year. I know that that money would find it way back to the banks for house payments, folks would buy new cars, jobs would be created, business would get back on it's feet. That my friends is stimulus

They took out the 15K credit for home buyers but first time home buyers will get an $8000 credit. I really think that would have helped the housing market tremendously.

d@mn! We have a contract on a house right now with a contingency that we wouldn't close until the the credit was signed and put in effect.

Faster, I hear they needed that money to feed the hungry... they said they wanted to buy some pork or something...

Hell, We're trying to do all we can to stimulate the economy. We just bought a General Motors Chevrolet Suburban and we're trying to buy a house.

We're trying to buy a house as well. But first we have to sell the one we already have.

___, you just have to find a first time buyer and tell them they get $15K, they will jump all over it, even if they can't afford it.

That's exactly what I've been trying to do. Actually it's not officially on the market yet. Just been getting the word out. We have a few things to "fix up" before the sign goes in the yard.

Spare Change wrote:___, you just have to find a first time buyer and tell them they get $15K, they will jump all over it, even if they can't afford it.

It's only 8K though, maybe find one dumb enough to believe it's 15K

Actually it is 15K, it's an 8K increase for a total of 15K

You might be able to get Jeff to buy it


Temporary credit for home buyers: The bill increases the size of an existing temporary and refundable first-time home buyer credit to $8,000, up from $7,500. It also removes the requirement under current law that the credit be paid back if the buyer stays in the home for at least three years. And it would extend the credit's expiration date to Dec. 1, 2009, from July 1. Those eligible for this credit must have purchased a home after Jan. 1, 2009, and before Dec. 1, 2009.

The U.S. Senate on Wednesday voted unanimously to approve a home buyer tax credit of $15,000 or up to 10 percent of the purchase price in its version of the stimulus bill. This proposed credit would be available to all home buyers and would not have to be repaid as long as a buyer lives in the house for at least two years. The amendment to the Senate’s economic stimulus package, co-sponsored by Sen. Johnny Isakson (R-Ga.) and Sen. Joe Lieberman (I-Conn.), offers the credit on purchases from one year of the date of enactment and could be applied to the home buyer’s 2008 taxes.
Isakson, who spent more than 30 years in the real estate business

Ooooh a paste war!!

That's old news Jeff. They took it out when it got down to negotiations and changed it from 7500 to 8000.

Well pi$$ on you! I ain't buying a new house anyway.LOL!!!!!!!!

Hey OLD NEWS is all I know anyway. I am old!