Senate Approves Amendment for $15K Homebuyer Tax Credit
Posted by Jolenta Averill on
This week the U.S. Senate approved an amendment to the Stimulus package that provides a tax credit up to $15,000 to anyone purchasing a home between January 1st, 2009 and December 31st, 2009. The tax credit is equal to 10% of the total purchase price up to a maximum of $15,000. For example, if you purchase a home for $150,000 (or more), you would be entitled to a $15,000 tax credit. Current law provides up to a $7,500 tax credit to a first-time home purchaser. The new amendment, if passed, would apply to all home buyers whether they are first-time home buyers or not. Also, the newly proposed $15,000 tax credit would only require repayment in the event the taxpayer sells the home within 24 months of purchase or does not use the home as the taxpayer’s…
1243 Views, 0 Comments