The Big News today with regard to the economic stimulus bill is that the Senate is now adding in a $15,000 homebuyer tax credit. This tax credit is different from the former credit (which was only $7,500) in that it offers these features:
* Any homebuyer can use it, not just first-time homebuyers.
* It can be used for any new or existing home bought in 2008 or 2009.
* The tax credit will be distributed over two years ($7,500 each year).
The hope is that such a generous tax credit will encourage people to buy homes. When couple with the 4% mortgage rate, it appears that many homebuyers might end up with screaming deals.
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