Breaking news out of Congress… After the Senate inserted a $15, 000 tax credit for homebuyers into the economic stimulus package, it appears to have been removed while the House and Senate were reconciling their two versions. From an AP News report:
Working to accommodate the new, lower overall limit of the bill, negotiators effectively wiped out a Senate-passed provision for a new $15, 000 tax credit to defray the cost of buying a home…
There aren’t a lot of details yet, but it looks like they’ll be falling back to the $7, 500 house version of this credit (presumably with no repayment requirement, but only available to first-time homebuyers).
Update: Looks like it will be an $8, 000 tax credit for first-time homebuyers.