New $15,000 Tax Credit - New Home Buyers

The Senate just unanomously approved a $15,000 tax credit for new home buyers. The proposal was brought by Georgia Senator Johnny Isakson.

To qualify, the home must be purchased in the 2009 calendar year; tax credit will apply to 2010 tax; tax credit would be $15,000 or 10% of the purchase price - whichever is less.

Purchases made within 1 year of And, "purchases must be made within one year of the legislation's enactment, and the tax credit would not have to be repaid".

And just when you think it can't get better, hold on! If the home is purchased before July 2009, the credit can be claimed on your 2008 taxes.

Read the full article HERE.