Senate Passes $15000 Tax Credit For Homebuyers!

Great news!  The U.S. Senate approved an amendment to the economic stimulus bill that gives a $15,000 tax credit to ANYONE who buys a home within one year from the enactment of the bill!  The amendment would provide a direct tax credit to ANY HOME BUYER purchasing a home as their principal residence (not just first-time buyers) in the amount of $15,000 or 10% of the purchase price, whichever is less.  It is my understanding that the amount WOULD NOT HAVE TO BE REPAID like the current credit of $7500 for only first-time homebuyers!  This is HUGE NEWS for a prospective homebuyer and for a jolt in the arm to our current housing market!  The amendment would allow taxpayers to claim the credit on their 2008 income tax return. The only downside I see now is that the credit would be recaptured if the home is sold within two years of purchase.  Not too bad!

Hopefully this aspect of the current stimulus bill remains, as we all know that the housing market could use some buyers out there to come off the sidelines.  I'm optimistic that this, along with low interest rates, will give buyers the kick in the pants they might need to make that home-buying decision!