Senate approves $15,000 tax credit for all home buyers

Posted by Mike Trinchitella on Monday, November 30th, -0001 at 12:00am.

The Lieberman/Isakson Amendment was included in the senate version of the Economic Stimulus Bill by a unanimous voice vote. This amendment would provide a Tax Credit to all home buyers at the rate of 10% of the sales price up to a limit of $15,000.  Purchases must be made within one year of the legislationʼs enactment to all purchasers of primary residences, and the tax credit would not have to be repaid. Current law provides for a $7,500 tax break for the first time home buyers only but is required to pay back that amount over a 15-year period.

To read the entire article visti my Putnam-Westchester-Homes blog:  http://putnam-westchester-homes.com/senate-approves-15000-tax-credit-for-home-buyers

Leave a Comment