Thanks to an amendment written by Georgia Senator Johnny Isakson, you may be entitled to a $15,000 tax credit if you purchase a home within the next year. This amendment to the economic stimulus bill will be available to any home buyer within a year of it’s enactment. Buyers will be entitled to claim a total tax credit of $15,000 or 10% of the purchase price, whichever is less. To avoid possible abuse, the credit is only allowed on a primary residence and must be repaid if you sell that residence within two years of purchase**.
Senator Isakson ran successful real estate brokerage companies in the Southeast for twenty years prior to joining the Senate. He is convinced this credit will help our ailing economy because a similar tax break introduced in the mid-1970′s stabilized home values and helped the weak housing market recover.
**The credit amount and repayment provision will probably change in the final legislation.
