Look out for a possible $15,000 tax credit for anybody buying a home. The senate approved this homebuyer tax credit by a voice vote, adding it to President Barack Obama’s economic recovery bill.
The credit will be awarded to any home purchased as a main residence. The homebuyer tax credit was offered by GOP Sen. Johnny Isakson in hopes of jump-starting the sagging housing market.
Home buyers could claim the credit on their 2008 tax returns and it would apply to any home purchased for one year after the recovery plan becomes law. Isakson patterned his plan after a decades-old idea he says helped lift the economy out of recession in 1975.
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