$15,000 Tax Credit Proposal

Okay, the Senate passed a bill that containted the $15,000 tax credit for home buyers. Of course there’s a lot of misinformation regarding the new credit that would replace the current $7,500 incentive for first time home buyers.

The Senate backed bill has yet to be passed the House, but it’s apparent that a new home buyer tax credit will take shape in one form or another.

Here’s another blog that has a FAQ about the tax credit item in the Senate verison of the stimulus bill:

$15,000 Tax Credit FAQ

Also, here’s a copy of the amendment:

Amendment

It’s a “tax credit”, meaning that any home buyer won’t just get a check from the gov’t. It will be tied to your tax liability. The first link in this post has some really helpful info.

Of course, the amendment (and the bill) can change dramatically before it becomes final.