Senator Johnny Isakson (R-GA) reintroduced his plan today to create a $15,000 tax credit for homebuyers purchasing primary residences.

The goal of the plan is to jumpstart the depressed real estate market. But as we pointed out last year when Senator Isakson introduced a similar bill, it will not work and it is bad policy.

Furthermore, this additional tax credit is unnecessary because the tax code already encourages homeownership. Mortgage interest is deductible and the stimulus already created an $8,000 credit for first-time homeowners available for homes purchased in 2009.