If the $7500 tax credit was not good enough, It looks like a $15,000 tax credit is on it way..

The Senate has passed a bill the would give a $15,000 tax credit to buyers of a home this year. Last year there was a $7500 credit for first time home buyers (anyone who has not owned a home in the last 3 years). The $7500 tax credit would be paid back over the next 15 years. They new Tax Credit is up to $15,000 or 10% of the purchase price of a home purchased as a primary residence. The House may limit this to lower-incomers before the Bill is sent over to Obama to sign. The new Tax Credit will not be limited to First Time Home Buyers. This will help homeowners who want to buy up or down take advantage of this credit. It is hoped that this will give a jump start to the housing market and lower the supply of homes. Home owners could take advantage of this tax credit to buy an affordable home and with the $15,000 do many upgrades and improvements to the home to increase the value. Local companies and small business will benefit the most from this tax credit money when home owners spend it on their homes. This is the shot in the arm the housing market needs.