According to the Realtor Report, "The $790 billion stimulus package hammered out by House and Senate conferees late yesterday increases the home buyer tax credit to $8,000, from $7,500, and drops the repayment feature for buyers who hold on to their property for at least three years.
The legislation also extends the effective date of the credit to December 1 from June 30, and extends eligibility to borrowers who buy their home with the help of state or local financial assistance that comes from the proceeds of tax-exempt mortgage revenue bonds.
The credit remains open only to first-time buyers (those who haven't owned in at least three years) and some income eligibility restrictions apply, but those are unchanged from the existing program.
2009 Federal Tax Credit (IRS Form 5405)- The tax credit does not have to be repaid. The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $8,000. The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009. Income limitations apply.