[yrhcworking] Tom Allen Home Buyer legislation

[Mlongreene2 at aol.com]

Allen`s bill would allow tax credit to help home buyers 
U.S. Rep. Tom Allen says he has introduced legislation authorizing a one-time 
 tax credit of up to $3,000 for individuals and $6,000 for couples to help  
first-time home buyers. 
Allen, D-Maine, said the proposal would help families afford a down payment,  
pay closing costs and qualify for a mortgage. 
Recipients of the tax credit would have to be in the 25 percent tax bracket  
or lower in the year before they buy their home. Last year, the 25 percent  
bracket was $77,000 in taxable income for an individual and $128,000 for a  
couple filing jointly. 
A spokesman for Allen said the fiscal impact of the tax credit has not been  
determined.



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