Worried that rising mortgage rates could damp the prospects for a housing recovery, a business group is making a new push for Congress to boost and extend a home-buyer tax credit.
In February, Congress approved a 10% tax credit for first-time home purchases, up to a maximum of $8,000. The credit, which expires 1 Dec, phases out for buyers with incomes above $170,000 for married couples and $95,000 for individuals.
The National Association of Home Builders and other industry groups have long argued that the credit isn't large enough to help reinvigorate the housing sector. Now the groups are being joined in their efforts by the Business Roundtable, an association of chief executives.
Wall Street Journal