ESTATE


Senate modifies homebuyer tax credit
2009/02/09, 7:11 pm
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Senate Modifies Homebuyer Tax Credit

During debate on the stimulus bill, Senator Johnny Isakson (R-GA) offered an amendment that significatnly expands the homebuyer tax credit. The credit would be $15,000 and would be available to all purchasers of a principal residence, not just first-time homebuyers. The legislation is still in flux and must be reconciled in a House-Senate conference. The chart attached compares current law with the House and Senate versions of the bill.