The $15,000 tax Credit is now $8,000

Yesterday I posted The Senate Passes Stimulus Bill, since that post there has been modifications in the bill, you can read more details about the plan in general here.

The $15,000 tax credit for anybody buying a home over the next year was dropped, it is now for first-time homebuyers, a buyer who has not owned a principal residence during the three-year period prior to the purchase, could claim an $8,000 credit for homes bought by the end of August. As of now it will remain a true credit and not needtobe repaided. This legislation is expected to be sent to the White House for the President's signature by President's Day, February 16, 2009. Click here to get the latest updates on this Credit.