When I came home from work tonight I thought about the post I intended to write, about the new details regarding the homebuyers tax credit after the Senate and House of Representatives agreed to a common stimulus package.Unfortunately, the text of this compromise is not available to the public. Instead, I will take a second to update you on what I have learned with the intention of providing a comprehensive post over the weekend as details emerge.
Here are the details as I understand them:
• The credit will be for first-time homebuyers only, not all homebuyers as proposed by the Senate.
• The credit will be for $8,000, above the original House proposal of $7,500 and below the Senate proposal of $15,000
• The credit will not have to be repaid
• The credit will be capped at certain income levels
• The credit is refundable, meaning it can exceed your tax liability in a given year
• The credit can be claimed on your 2008 taxes
As details become available new information will be posted on FinancialHighway.com. Check back often.