Rep. Dean Heller introduces tax credit legislation

WASHINGTON " Rep. Dean Heller, R-Nev., Wednesday introduced legislation to expand the home buyer tax credit.

"Getting home foreclosures under control and the housing market healthy is a key component to economic recovery not only in Nevada, but across the nation," he said in announcing the plan.

He said the housing industry is 16 percent of the nation's economy.

"With the excess inventory of houses in Nevada and other states across the country, Congress needs to take action to help promote home ownership in a responsible manner."

Existing law gives first time home buyers a $7,500 tax credit. Heller's proposal would expand the time frame when the credit is available from June 30 through the end of this year and offer it not just to first time buyers but anyone buying a primary residence.

He said to promote responsible home ownership, it would require buyers to make at least a 5 percent down payment on the home.

- Contact reporter Geoff Dornan at gdornan@nevadaappeal.com or 687-8750.