Economic Stimulus Package Includes $8,000 Tax Credit for Home Buyers

The economic-stimulus package passed by the U.S. House and Senate contains several modifications to the previous tax credit for home buyers. The package provides an $8,000 tax credit available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. The credit does not require repayment. The National Association of Realtors developed a table highlighting the major modifications from the previous $7,500 tax credit.

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