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First-time buyers get $8,000 tax credit in stimulus bill

February 12, 2009 | 10:19 am

First-time home buyer tax credit details reported today in a Wall St. Journal article:

ObamaHome buyers who hoped for a $15,000 tax credit to buy a new home, as promised by the Senate, will be disappointed. A proposed $35 billion credit to support home sales was jettisoned in favor of a more modest $2 billion to $3 billion provision.

The proposal would eliminate the repayment requirement in an existing tax credit for first-time home buyers, and raise the credit to $8,000 from $7,500. Congressional aides cautioned Wednesday that the credit's size was still subject to negotiation.

-- Lauren Beale

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Photo: President Barack Obama. Ron Sachs / EPA