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 June 19, 2009

Congress Considers First-Time Homebuyer Tax Credit Expansion
New legislation was introduced on June 10, to congress proposing the expansion of the current tax credit offered to first time home buyers. The proposed new tax credit amount would be fifteen thousand dollars if passed.
The current first-time buyer tax credit is set at eight thousand dollars and does have income caps.

The new legislation was introduced to Congress by United states Senator Johnny Isakson, (R) from Georgia along with the Senate Banking Committee Chairperson, Christopher Dodd, (D) Connecticut who stepped up as co-sponsor of the bill.

Both the National Association of Home Builders and the National Association of Realtors stated that they support the passage of this proposed legislation.