I have just read that as part of the economic stimulus package, the senate passed an ammendment to create a 10% tax credit on the purchase of a primary residence, with a maximum of $15,000 credit. My understanding is this is for any buyer, not just 1st timers and would replace the current $7,500 credit for 1st timers. Further, the way I read this, unlike the $7,500 credit, it does NOT have to be paid back- a true tax credit. This will be fantastic as a stimulus for many people wanting to buy but sitting on the fence due to uncertainty.
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