Last week, the Senate verbally approved the Fix Housing First Act, an important amendment to their version of the Economic Stimulus Bill. The piece of legislation and the Stimulus Bill are still awaiting Senate and House negotiations, but could provide all home buyers of primary residences over the next year with a tax credit of $15,000 or 10 percent of the cost of the home, whichever is less. The credit will not need to be repaid unless the home is sold within two years of purchase. This Senate’s version of the tax credit, if implemented, will replace, or “sunset” the current $7,500 credit. If you are not familiar with this Act, please click here for more information.
The Jana Caudill Team will send out the latest information as soon as it becomes available.
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Source: Keller Williams Realty: This Week @ KW-February 9-13, 2009