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Isakson Amendment
February 5th, 2009
Isakson?s amendment would provide a direct tax credit
to any homebuyer who buys any home. The amount of the tax credit would be $15,000
or 10 percent of the purchase price, whichever is less. Purchases must be made within
one year of the legislation?s enactment, and the tax credit would not have to be
repaid.
The
amendment would allow taxpayers to claim the credit on their 2008 income tax return.
It also seeks to prevent misuse by only allowing purchases of a principle residence
and by recapturing the credit if the home is sold within two years of purchase.
The amendment would sunset the current $7,500 housing tax credit on the date of
enactment.
?It is rare that we have a road map
to success in times of difficulty, but this country has once before realized a housing
crisis every bit as bad as the one we have today and economic troubles every bit
as dangerous,? Isakson said. ?We have a pervasive housing problem, and we have a
historical precedent that works. I am proud this Senate has joined together, learned
from history and repeated a method that worked by adopting this amendment.?
In the mid-1970s,
Isakson has not made a decision about his
vote on the overall economic stimulus legislation.