$15K Tax Credit for Buying a Home is CUT!!!

Yes, folks. Apparently the government really wasn't too concerned about getting the housing market moving again. According to David Espo, AP Correspondent, negotiators last night effectively wiped out the Senate-passed provision for a $15,000 tax credit to anyone purchasing a home this year. There aren't too many details released yet, but it looks like Congress is falling back to the first time homebuyers' credit and raising it $500 from the original $7500 to $8000, but possibly making this into a real "credit" instead of a 0-percent interest loan. This is good news for first time homebuyers but everyone else is out of luck.

More on the new $15K tax credit for purchasing a home!

If the $15K tax credit passes, this will actually help boost the housing market! First, this truly is a tax credit, not a loan like the $7500 tax "credit" for first time homebuyers. Second, there is no income limit to get this tax credit either. The actual credit is up to 10% of the purchase price of your next home with a maximum credit of $15K. If you buy a house for less than $150,000 your credit would be less, but every little bit helps. Also, this home does need to be your primary residence. Of all the things to come out of Washington, this one might actually have some sense behind it!

For more information, read this article from US News & World Report.