The amendment by Senator Johnny Isakson, R-Ga., giving a $15,000 tax credit to anyone who buys a home in the next year was originally passed unanimously by the US Senate. However, after negotiations between the House and Senate, each combined their own bills into one piece of legislation for President Obama to sign, and that tax credit has now been reduced to $8,000.
Some of the restrictions and guidelines of the previous $7,500 tax credit have been lifted. The repayment requirement of the previous tax credit has been lifted.
This information has the potential to change, as the bill is open to negotiation until President Obama signs it. Specific details of the $8,000 tax credit will be released soon.
