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A $15,000 Tax Credit for Home Buyers - Massachusetts Blog
The federal government is working on a plan to stimulate the currently sagging housing market.  In the Senate, a "voice vote" has been made to propose a $15,000 tax break for homebuyers.  
More details are emerging about the amendment to the pending economic stimulus bill, which is the brainchild of Georgia Senator Johnny Isakson, a former real estate broker.    
Unlike the current $7,500 housing tax credit, the new credit would be available to all home buyers and would not have to be paid back.  The $7,500 plan that is now in place is offered only to first-time home buyers and requires a repayment plan over a 15 year period.  The new amendment would replace the current plan on the date of its enactment. 
The mechanics of the plan are that it would provide a direct tax credit to any homebuyer who purchases any home.  The amount of the credit would be $15,000 or 10 percent of the purchase price, whichever is less.  Purchases would have to be made within one year of the legislation's enactment.  
The credit is nonrefundable and can be claimed over two years, so buyers whose tax liability is less than $15,000 would have a second year to ... more

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