Senate OKs $15,000 tax break for homebuyers – I believe investors too eligible for this tax credit

[Anonymous]

[quote=SDEngineer][quote=esmith][quote=SDEngineer][quote=temeculaguy]What is the income ceiling? The current $7,500 credit phases out at 75k for singles and 150k for couples. If it follows the same formula it will help most of the country but so cal will get the shaft again.[/quote]

Currently, the phase-outs remain the same. To the best of my knowledge, there are no bills proposing to lift those limits as well, so if I were a betting man, I’d bet they would remain as currently written.[/quote]

Why do you think that the phase-outs remain the same? There’s nothing about income ceiling in the text of the amendment.[/quote]

Because the bills all currently modify the existing program. I’ve read the text of the bills as presented, and none present a new program – they just modify the previously existing program. None of the bills that I’ve read (Inouye’s, Isakson’s, and Thune’s) do anything to modify the phase-out provisions in the existing program – they just change the dates, the repayment provision, and in Isakson’s and Thune’s, the amount and the scope (to allow all principal residence purchasers).
[/quote]

I believe you are mistaken about the income phase-outs remaining in the bill. Every media report I have read says there are no income limits; you are the only person I have seen who says so. See the Wall Street Journal: http://blogs.wsj.com/developments/2009/02/06/home-buyer-tax-credits-price-tag-35-billion/

Senator Isakson’s amendment that passed yesterday amended the Inouye amendment (No. 98) to H.R. 1. When you compare the text of section 3011 of the Housing and Economic Recovery Act of 2008, available at http://www.mortgagebankers.org/files/ResourceCenter/HERA/HousingandEconomicRecoveryActof2008-asenacted.pdf , you will see that the Isakson amendment entirely removes the income limit (and adopts a number of new limitations): http://isakson.senate.gov/Amdt_106.pdf . The income limitation was in subsection (b)(2) (“Limitation Based on Modified Adjusted Gross Income”) and is now gone completely. Contrary to your statement, the Isakson amendment DOES appear to “present a new program,” not merely modify the prior one. The bill titles actually make this clear: Inouye’s is entitled “Extension of First-Time Homebuyer Credit,” whereas Isakson’s amendment strikes that title and replaces it with “Credit for Certain Home Purchases.” Inouye planned merely to extend the first-time buyer credit; Isakson made it apply to everyone. As I interpret the bill text, Isakson’s amendment does not merely modify the housing credit portion of the Inouye bill, but rather, replaces it entirely. The Isakson amendment is self-contained and every limitation on the $15,000 tax credit is found therein. I believe the income limit is gone, at least for the time being.

[Anonymous]

I agree with SDEngineer. I received an email from Nick Timiraos of the WSJ who wrote the article referenced above, that said he spoke with Senator Isakson’s office and they said that there are no income limitations in the ammendment that was passed by the senate. You know that once Pelosi and folks get their hands on it, they’ll probably put something in to stop the “rich” from getting any break from the ridiculous taxes they already pay, but at this time, I don’t think there are any limitations on income.

[Anonymous]

I agree with SDEngineer. I received an email from Nick Timiraos of the WSJ who wrote the article referenced above, that said he spoke with Senator Isakson’s office and they said that there are no income limitations in the ammendment that was passed by the senate. You know that once Pelosi and folks get their hands on it, they’ll probably put something in to stop the “rich” from getting any break from the ridiculous taxes they already pay, but at this time, I don’t think there are any limitations on income.

[Anonymous]

I agree with SDEngineer. I received an email from Nick Timiraos of the WSJ who wrote the article referenced above, that said he spoke with Senator Isakson’s office and they said that there are no income limitations in the ammendment that was passed by the senate. You know that once Pelosi and folks get their hands on it, they’ll probably put something in to stop the “rich” from getting any break from the ridiculous taxes they already pay, but at this time, I don’t think there are any limitations on income.

[Anonymous]

I agree with SDEngineer. I received an email from Nick Timiraos of the WSJ who wrote the article referenced above, that said he spoke with Senator Isakson’s office and they said that there are no income limitations in the ammendment that was passed by the senate. You know that once Pelosi and folks get their hands on it, they’ll probably put something in to stop the “rich” from getting any break from the ridiculous taxes they already pay, but at this time, I don’t think there are any limitations on income.

[Anonymous]

I agree with SDEngineer. I received an email from Nick Timiraos of the WSJ who wrote the article referenced above, that said he spoke with Senator Isakson’s office and they said that there are no income limitations in the ammendment that was passed by the senate. You know that once Pelosi and folks get their hands on it, they’ll probably put something in to stop the “rich” from getting any break from the ridiculous taxes they already pay, but at this time, I don’t think there are any limitations on income.

[Anonymous]

[quote=Charlotte]I agree with SDEngineer. I received an email from Nick Timiraos of the WSJ who wrote the article referenced above, that said he spoke with Senator Isakson’s office and they said that there are no income limitations in the ammendment that was passed by the senate. You know that once Pelosi and folks get their hands on it, they’ll probably put something in to stop the “rich” from getting any break from the ridiculous taxes they already pay, but at this time, I don’t think there are any limitations on income.[/quote]

SDEngineer said that there ARE income limitations in the bill. In any event, I’m glad you confirmed this. I can definitely understand how SDEngineer got confused. I’m an attorney and am somewhat used to reading bill texts, etc., and it still took me over an hour trying to cross-reference the various bills, amendments, and the Internal Revenue Code to be fairly confident of what I posted about the income limits being gone. Unfortunately, I share your concern that once the bill hits the House, Pelosi, et al. will never allow the “rich” to have a “tax cut”–don’t get me started on how unfair that is.

[Anonymous]

[quote=Charlotte]I agree with SDEngineer. I received an email from Nick Timiraos of the WSJ who wrote the article referenced above, that said he spoke with Senator Isakson’s office and they said that there are no income limitations in the ammendment that was passed by the senate. You know that once Pelosi and folks get their hands on it, they’ll probably put something in to stop the “rich” from getting any break from the ridiculous taxes they already pay, but at this time, I don’t think there are any limitations on income.[/quote]

SDEngineer said that there ARE income limitations in the bill. In any event, I’m glad you confirmed this. I can definitely understand how SDEngineer got confused. I’m an attorney and am somewhat used to reading bill texts, etc., and it still took me over an hour trying to cross-reference the various bills, amendments, and the Internal Revenue Code to be fairly confident of what I posted about the income limits being gone. Unfortunately, I share your concern that once the bill hits the House, Pelosi, et al. will never allow the “rich” to have a “tax cut”–don’t get me started on how unfair that is.

[Anonymous]

[quote=Charlotte]I agree with SDEngineer. I received an email from Nick Timiraos of the WSJ who wrote the article referenced above, that said he spoke with Senator Isakson’s office and they said that there are no income limitations in the ammendment that was passed by the senate. You know that once Pelosi and folks get their hands on it, they’ll probably put something in to stop the “rich” from getting any break from the ridiculous taxes they already pay, but at this time, I don’t think there are any limitations on income.[/quote]

SDEngineer said that there ARE income limitations in the bill. In any event, I’m glad you confirmed this. I can definitely understand how SDEngineer got confused. I’m an attorney and am somewhat used to reading bill texts, etc., and it still took me over an hour trying to cross-reference the various bills, amendments, and the Internal Revenue Code to be fairly confident of what I posted about the income limits being gone. Unfortunately, I share your concern that once the bill hits the House, Pelosi, et al. will never allow the “rich” to have a “tax cut”–don’t get me started on how unfair that is.

[Anonymous]

[quote=Charlotte]I agree with SDEngineer. I received an email from Nick Timiraos of the WSJ who wrote the article referenced above, that said he spoke with Senator Isakson’s office and they said that there are no income limitations in the ammendment that was passed by the senate. You know that once Pelosi and folks get their hands on it, they’ll probably put something in to stop the “rich” from getting any break from the ridiculous taxes they already pay, but at this time, I don’t think there are any limitations on income.[/quote]

SDEngineer said that there ARE income limitations in the bill. In any event, I’m glad you confirmed this. I can definitely understand how SDEngineer got confused. I’m an attorney and am somewhat used to reading bill texts, etc., and it still took me over an hour trying to cross-reference the various bills, amendments, and the Internal Revenue Code to be fairly confident of what I posted about the income limits being gone. Unfortunately, I share your concern that once the bill hits the House, Pelosi, et al. will never allow the “rich” to have a “tax cut”–don’t get me started on how unfair that is.

[Anonymous]

[quote=Charlotte]I agree with SDEngineer. I received an email from Nick Timiraos of the WSJ who wrote the article referenced above, that said he spoke with Senator Isakson’s office and they said that there are no income limitations in the ammendment that was passed by the senate. You know that once Pelosi and folks get their hands on it, they’ll probably put something in to stop the “rich” from getting any break from the ridiculous taxes they already pay, but at this time, I don’t think there are any limitations on income.[/quote]

SDEngineer said that there ARE income limitations in the bill. In any event, I’m glad you confirmed this. I can definitely understand how SDEngineer got confused. I’m an attorney and am somewhat used to reading bill texts, etc., and it still took me over an hour trying to cross-reference the various bills, amendments, and the Internal Revenue Code to be fairly confident of what I posted about the income limits being gone. Unfortunately, I share your concern that once the bill hits the House, Pelosi, et al. will never allow the “rich” to have a “tax cut”–don’t get me started on how unfair that is.

[Anonymous]

[quote=sdjdguy][quote=Charlotte]I agree with SDEngineer. I received an email from Nick Timiraos of the WSJ who wrote the article referenced above, that said he spoke with Senator Isakson’s office and they said that there are no income limitations in the ammendment that was passed by the senate. You know that once Pelosi and folks get their hands on it, they’ll probably put something in to stop the “rich” from getting any break from the ridiculous taxes they already pay, but at this time, I don’t think there are any limitations on income.[/quote]

SDEngineer said that there ARE income limitations in the bill. In any event, I’m glad you confirmed this. I can definitely understand how SDEngineer got confused. I’m an attorney and am somewhat used to reading bill texts, etc., and it still took me over an hour trying to cross-reference the various bills, amendments, and the Internal Revenue Code to be fairly confident of what I posted about the income limits being gone. Unfortunately, I share your concern that once the bill hits the House, Pelosi, et al. will never allow the “rich” to have a “tax cut”–don’t get me started on how unfair that is. [/quote]

sdjdguy – I was confused on who posted with all of the quoting going on:) I will not get you started, as it would get me all worked up to. I’m sick of hard working people being thought of as cash cows by the government and others.

[Anonymous]

[quote=sdjdguy][quote=Charlotte]I agree with SDEngineer. I received an email from Nick Timiraos of the WSJ who wrote the article referenced above, that said he spoke with Senator Isakson’s office and they said that there are no income limitations in the ammendment that was passed by the senate. You know that once Pelosi and folks get their hands on it, they’ll probably put something in to stop the “rich” from getting any break from the ridiculous taxes they already pay, but at this time, I don’t think there are any limitations on income.[/quote]

SDEngineer said that there ARE income limitations in the bill. In any event, I’m glad you confirmed this. I can definitely understand how SDEngineer got confused. I’m an attorney and am somewhat used to reading bill texts, etc., and it still took me over an hour trying to cross-reference the various bills, amendments, and the Internal Revenue Code to be fairly confident of what I posted about the income limits being gone. Unfortunately, I share your concern that once the bill hits the House, Pelosi, et al. will never allow the “rich” to have a “tax cut”–don’t get me started on how unfair that is. [/quote]

sdjdguy – I was confused on who posted with all of the quoting going on:) I will not get you started, as it would get me all worked up to. I’m sick of hard working people being thought of as cash cows by the government and others.

[Anonymous]

[quote=sdjdguy][quote=Charlotte]I agree with SDEngineer. I received an email from Nick Timiraos of the WSJ who wrote the article referenced above, that said he spoke with Senator Isakson’s office and they said that there are no income limitations in the ammendment that was passed by the senate. You know that once Pelosi and folks get their hands on it, they’ll probably put something in to stop the “rich” from getting any break from the ridiculous taxes they already pay, but at this time, I don’t think there are any limitations on income.[/quote]

SDEngineer said that there ARE income limitations in the bill. In any event, I’m glad you confirmed this. I can definitely understand how SDEngineer got confused. I’m an attorney and am somewhat used to reading bill texts, etc., and it still took me over an hour trying to cross-reference the various bills, amendments, and the Internal Revenue Code to be fairly confident of what I posted about the income limits being gone. Unfortunately, I share your concern that once the bill hits the House, Pelosi, et al. will never allow the “rich” to have a “tax cut”–don’t get me started on how unfair that is. [/quote]

sdjdguy – I was confused on who posted with all of the quoting going on:) I will not get you started, as it would get me all worked up to. I’m sick of hard working people being thought of as cash cows by the government and others.

[Anonymous]

[quote=sdjdguy][quote=Charlotte]I agree with SDEngineer. I received an email from Nick Timiraos of the WSJ who wrote the article referenced above, that said he spoke with Senator Isakson’s office and they said that there are no income limitations in the ammendment that was passed by the senate. You know that once Pelosi and folks get their hands on it, they’ll probably put something in to stop the “rich” from getting any break from the ridiculous taxes they already pay, but at this time, I don’t think there are any limitations on income.[/quote]

SDEngineer said that there ARE income limitations in the bill. In any event, I’m glad you confirmed this. I can definitely understand how SDEngineer got confused. I’m an attorney and am somewhat used to reading bill texts, etc., and it still took me over an hour trying to cross-reference the various bills, amendments, and the Internal Revenue Code to be fairly confident of what I posted about the income limits being gone. Unfortunately, I share your concern that once the bill hits the House, Pelosi, et al. will never allow the “rich” to have a “tax cut”–don’t get me started on how unfair that is. [/quote]

sdjdguy – I was confused on who posted with all of the quoting going on:) I will not get you started, as it would get me all worked up to. I’m sick of hard working people being thought of as cash cows by the government and others.

[Author]

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