The Senate last night passed an expansion of the tax credit proposal.   The proposal would be available to all purchasers (not just first-time homebuyers).  The key elements are:

•  A tax credit in the amount of $15,000 or 10 percent of the purchase price (whichever is less), with the option to utilize all in one year or spread out over two years. 

•  The tax credit is available to all purchases of any home from date of enactment for one full year. 

•  Able to claim the credit against the 2008 tax return. 

•  Buyers must occupy the homes for two years as their principal residences. 

•  Purchases of homes by investors are ineligible. 

•  Terminates the previous $7,500 Housing Tax credit on the date of enactment 

We have been told the Senate is likely to pass its entire Stimulus Bill by this week-end.  The House and Senate will then have a conference next week to work out the differences.