*Warning* this could be HUGE!
The Senate has approved an amendment to the American Recovery and Reinvestment Act of 2009 to approve a tax credit of up to $15,000 for the purchase of a qualifying residence. This would provide a direct tax credit to any homebuyer who buys any home (new or resale). The amount of the tax credit would be $15,000 or 10 percent of the purchase price, whichever is less. Purchases must be made within one year of the legislation’s enactment, and the tax credit would not have to be repaid. WOW!
