Thursday, February 05, 2009
8K Tax Break to Brake Housing Crunch?
The US Senate on Wednesday unanimously approved a proposal that would give a significant tax break to anybody who buys a house by the end of the year. (The Stimulus Plan is expected to pass within a few days.)
Assuming the tax break is approved, it will do away with the first-time homebuyer stipulation, the Atlanta Journal Constitution reports, allowing anyone who purchases a primary residence to claim the tax credit with no payback requirement.
UPDATE(2/12): The tax credit was reduced to $8,000 in the Conference Committee. It should be signed into law as soon as 2/17. Stay tuned.