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Thursday, February 12, 2009

$15,000 Home Buyer Credit Scrapped

Last Saturday, Brinker talked about this proposal in the stimulus package and seemed very pleased with it. I wrote this in my summary:

TAX CREDIT FOR HOME PURCHASES.... The Senate has added a $15,000 tax credit for purchasing a primary residence -- up to 10% of purchasing a home -- for all income groups. Brinker credited Bill Wattenburg for coming up with this idea and said he was honored to be able to join him in this effort.
Now the $15,000 home buyer credit has been scrapped from the stimulus package.

By M. Gwertzman, BankingMyWay

"One of the most prominent casualties of the stimulus compromise deal reached on Wednesday is the $15,000 tax home credit for homebuyers that had been included in the Senate's original plan.

Potential home buyers, sellers, and the housing industry as a whole had been looking at the credit as a substantial boost towards jump-starting home sales across the country. For now, they'll all have to settle for a much more scaled-back provision: a more modest $8,000 tax-credit for first-time home buyers, a $500 increase over a similar credit introduced last year. Just a few days ago, after extensive lobbying in Washington, home-builders and realtors alike had hailed the proposed $15,000 tax credit."

Full article at

There have also been some changes to the car loan deductions, but I haven't gotten that nailed down yet. I'll add the info here when I get it verified.

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