Should Congress Boost the $8,000 Home-Buyer Tax Credit?
The Business Roundtable is ramping up a new lobbying effort in favor of an even bigger home- buyer tax credit. (See today’s story.) The group, an association of chief executives from large corporations, is pushing for a $15,000 tax credit that could be used by anyone.
Congress last year approved a 10% tax credit up to $7,500 for first-time homebuyers, and in February boosted the credit to $8,000 and extended it until Dec. 1. The current credit phases out for buyers with incomes exceeding $170,000 for married couples and $95,000 for individuals.
The National Association of Realtors has said it will join in the push to extend the tax credit through 2010. But it’s not clear that Congress has any plans to address this anytime soon, as it prepares to work on health care legislation this summer.
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