Dems unveil $3 billion tax credit plan for homeowners

The House on Thursday approved $3.3 billion in bipartisan tax credits to help homeowners make repairs to their homes and pay down their mortgage debt, as the GOP tries to make good on the party’s long-held promise to end the estate tax.The measure includes $3,000 in tax credits for homeowners who can afford to make…

Published by admin inAugust 13, 2021
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The House on Thursday approved $3.3 billion in bipartisan tax credits to help homeowners make repairs to their homes and pay down their mortgage debt, as the GOP tries to make good on the party’s long-held promise to end the estate tax.

The measure includes $3,000 in tax credits for homeowners who can afford to make the effort, which is currently $5,000.

That’s in addition to $2,000 that President Donald Trump has proposed.

The legislation, known as the American Reinvestment and Recovery Act, passed on a largely party-line vote of 217-203.

The measure also gives states a year to get the tax credits ready for their own states to roll out.

The tax credits are intended to be used by homeowners to pay for the repairs they need to make to their own homes.

The bill does not give states an option to pass on the tax to homeowners in the future.

House Democrats say the tax credit helps people with modest incomes.

They argue that the tax break would help lower-income households, too.GOP Rep. Joe Barton of Texas said the bill provides “great relief” to homeowners.

The tax credits would be offered to homeowners who live in areas with lower median household income, he said.

The House voted to add another $3 trillion in new revenue to the economy.

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