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A bill to amend the Internal Revenue Code of 1986 to provide a Federal income tax credit for certain home purchases.
Other Bill Titles (1 more) 1/29/2008--Introduced.
Amends the Internal Revenue Code to allow purchasers of a single-family principal residence a one-time tax credit for up to $15,000 of the purchase price. Requires such a residence to be purchased after February 29, 2008, and before March 1, 2009, and that it be:... moreSee Full Bill Text
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Amendments
This bill has no amendments.
Bill Status
| Introduced |  | Voted on by Senate | | Voted on by House | | Considered By President | | Bill Becomes Law |
| January 29, 2008 |
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In the News
April 23, 2008 Open letter to Paterson and Hillary
Theres S.2566, for example, whichreformed the IL death penalty before a much-needed moratorium on it was called. This bill required that interrogations be ...
January 30, 2008 Isakson Introduces Legislation Offering Tax Credit to Homebuyers
Specifically, Isakson’s legislation, S.2566, will provide a direct tax credit for the purchase of a single-family home in the amount of $5000 a year for ...
Blog Coverage
October 02, 2008 A little politics
According To The Congressional Budget Office, Implementing The Lugar-Obama Legislation (S. 2566) Would Cost $2.2 Billion Over Five Years, Which Averages Out To $440 Million Per Year And $1.76 Billion Over Four Years. ...
Source: Press the Pace
September 30, 2008 Frank-Dodd Approach Won't Fix the Mortgage Mess by David C. John
Senator Johnny Isakson (R-GA) has introduced legislation (S. 2566)that would provide buyers of either a newly constructed house or one that is in foreclosure or default with a one-time $15000 refundable tax credit. ...
Source: Phillips Philes
September 20, 2008 "Barack Obama is truly a phenomenon of our time â a presidential ...
S. 2566, the Lugar-Obama Act; Federal Funding Accountability and Transparency Act of 2006. Now, because we all love math so much, I submit to you that 2 > 0. You might need to use The Googles to verify that though. ...
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For those of us experiencing difficulty selling our homes, our senators have just introduced legislation to drive buyers away. S.2566 introduced by Senator Isakson will offer to pay homebuyers $15,000 to buy their home from a builder or a bank instead of from a citizen. While this may be good for the lobbying groups it is a shot in the head to us individual citizens needing to sell a home.
Senator Isakson and sponsors want the federal government to pay homebuyers $15,000 not to buy our homes. Incentives for the economy are great but our Senators seem to have forgotten all about us measly citizens. Only lobbying groups count. Is this who I voted for?
Why does it take anything as urgent as this bill so long to get a vote? Just like the water crisis we are facing in Georgia, no progress...congress is rediculious.
Let the market correct itself... I don't want to be kicking myself for turning down an ARM I know I couldn't afford if things changed (as they did) only to have the government bail me out. All it does is make me feel foolish for being responsible and eat up the tax burden for companies and individuals who weren't.
Please leave the emotional, "but if you only knew someone who was in such a plight you'd want the government to help!" stuff at the door.
Builders should be the last ones to benefit from this bill. They are the ones that helped get us into this situation along with shady financial practices (ie. Countrywide). Forclosures and such should get a break, but the houses that are just on the market to be sold should get a break, too. I paid extra points to get an awesome fixed interest rate. Home buyers need to educate themselves before they sign papers.
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