U.S. Sen. Johnny Isakson is making another try to pass his tax credit for homebuyers through Congress, introducing legislation this week that would take the first-time homebuyer credit of $8,000 that was adopted earlier this year and not only expand it to $15,000 but make it available to all buyers.
The Isakson tax proposal is considered in many quarters to be more helpful to the real estate industry (his father built the Northside Realty empire in Atlanta) than to individual homebuyers, but regardless, Johnny is out there pushing for it.
“The man who is transferred from Missouri to Georgia can’t sell his house in Missouri, can’t come to Georgia and can’t take the transfer,” Isakson contended. “His employer can’t afford to buy the house and hold it for him because of the proliferation of inventory that is owned.”
Here’s a helpful hint for the Georgia senator: if you are able to get your bill tacked on as an amendment to another piece of legislation, then make sure you vote for that particular piece of legislation.
Isakson actually succeeded in getting his homebuyers’ tax credit added to the economic stimulus package as it was making its way through Congress in February. But he voted against final passage of the stimulus legislation, in lockstep with his GOP colleagues, when the bill was adopted by the Senate. In the Democratic-dominated conference committee that determined the final version of the bill, Isakson’s tax credit was swiftly deleted. Since he had voted against passage of the bill, he wasn’t exactly in a position to bargain for it.
That’s something for Isakson to keep in mind if he really wants to see his proposal enacted.
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