From the Zillow Blog:
Details have not yet been ironed out, but the proposed $15,000 tax credit amendment in the economic stimulus package that was sponsored by Sen. Johnny Isakson has been trimmed down to an $8000 tax credit, according to the NY Times. This is all very preliminary until the bill is actually signed, but here is the before ‘n after of what’s been thrown around:
Before:
- $15,000 tax credit
- Available for all home buyers
- No repayment necessary
After:
- $8000 tax credit
- Available for first-time home buyers within certain income limits
- Repayment? Not known at this time
Details on the bill could come this afternoon or tomorrow, but it is expected to be signed by President Obama by Monday.
Why do they have to put an income limit on it? That will likely cut out half of San Francisco homebuyers. WTF!