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Isakson scores legislative victory with home tax credit

November 5, 2009 —

The legislation unanimously passed by the Senate late Wednesday extending unemployment benefits also contained a big win for US Sen. Johnny Isakson (R-Ga.): the extension and expansion of the home tax credit.

“The key to returning stability to the economy lies within the housing market, and we have crafted a meaningful credit that will create a strong foundation for future growth and make a measurable difference over the next seven months in our economy,” Isakson said. “Tax credits like this only work by creating the sense of urgency to take advantage of them. This is the last extension of the home buyer tax credit, and I urge all Americans whether they're first-time buyers who’ve always dreamed of having a home of their own or someone who's been gridlocked in the failure of our move-up market to take advantage of this opportunity.”

The bill extends through April 30 an $8,000 first-timehomebuyers tax credit, and expands the program to give all homeowners a $6,500 credit, as long as they been in their previous home at least five years.

-- JP Morgan Chase has agreed to a settlement in which it will pay Jefferson County $50 million, pay a $25 million fine and forfeit $647 million in fees to the Alabama county, the Securities and Exchange Commission announced Wednesday. Two former JP Morgan employees were also charged in connection with the bond and interest-rate swap dealings which have driven the county to the brink of bankruptcy.

Birmingham mayor and former county commission president  Larry Langford was convicted of federal bribery charges last week in connection with the case.

-- Conservationists and business leaders came to the defense of US Sen. Lindsey Graham (R-S.C.) in a conference call Wednesday after an industry group attacked him in ads critical of a bipartisan energy bill.

"If you're not at the table, you're on the table," said Michael Couick, president and chief executive of the Electrical Cooperatives of South Carolina Inc. Graham's defenders said he has looked out for the state's interests when these differ from larger states like California.