Yesterday, the Senate passed an amendment to the stimulus bill that would allow home buyers to take up to a $15,000 tax credit on the purchase of a home. What does that mean? Well, to the average American, that pays roughly 30% in taxes, they would get an additional $5,000 back.
What is really great about this amendment is that this money will not have to be paid back, unlike the current $7,500 credit being offered to first time home buyers. Another benefit of the proposed credit is, a home buyer will be allowed to claim this credit on their 2008 tax return, given they purchase the home prior to April 15th.
If this tax credit is included in the final bill, this could be a tremendous step in the right direction for the real estate market.
To show your support for this amendment to the stimulus bill contact your local Senator.
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