It appears optimistic that Congress will add a $15,000 tax credit to the $900 billion stimulus package.
The tax credit can only be used for primary residences and unlike the $7,500 tax credit passed last year, the money wouldn’t have to be repaid to the government. There’s also no income restriction on who can claim the credit. The credit is nonrefundable and can be claimed over two years, so buyers whose tax liability is less than $15,000 would have a second year to capture the credit. This is attractive to home buyers because a buyer who owes $10,000 in taxes would be able to take a $10,000 credit in the first year after their purchase, and a $5,000 credit for the year after that. Very stimulating indeed! This information was derived from the following publisher The Wall Street Journal Reports
