On Wednesday February 4, 2009, Congress voted on a new proposal that would allow a tax credit of 10 percent of the value of new or existing residences, up to a $15,000 limit for home buyers. Current law provides for a $7,500 tax break but only for first-time homebuyers. The proposal would cost the government an estimated $19 billion increasing the overall stimulus package to over $900 billion dollars. This is one of many attempts by the new administration to stimulate the economy. The provision was the second tax cut approved in as many days targeted to individual industries. On Tuesday, the Senate voted to give a break to consumers who buy new cars to help creat a greater demand for the automobile industry. To read more Austin Texas Real Estate information visit http://www.RomeoM.com
Source: Yahoo News
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