Homebuyers get a bonus in the stimulus bill, an article from CNNMoney.com, reports that first-time buyers could receive a $7,500 tax credit if they purchase soon - no repayment required. The economic stimulus bill that's now before Congress includes a provision for a $7,500 tax credit for first-time home buyers. The $819 billion stimulus plan was passed by the House late Wednesday. The Senate is expected to vote on its version of the bill sometime next week. Technically, the stimulus bill would change of terms of the $7,500 tax credit that was part of the Housing Recovery Act passed last summer, which was basically a no-interest loan that had to be repaid over 15 years. The measure had little impact. Under the stimulus bill now under consideration, the tax credit would be a true credit that doesn't have to be repaid. "Our economists have studied the effect [of the credit] and they say there could be a 10% increase in home sales if it's implemented," said Mary Trupo, a spokesperson for the National Association of Realtors.
http://money.cnn.com/2009/01/29/real_estate/tax_credit_near/index.htm?postversion=2009012907
http://money.cnn.com/2009/01/29/real_estate/tax_credit_near/index.htm?postversion=2009012907
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