First time home buyers looking at purchasing real estate in South Lake Tahoe may soon have an extra incentive. According to the Associated Press, last Wednesday, the Senate approved a $15,000 (up to 10% of the purchase price) tax credit for home buyers. The Tax credit would be for a primary residence including both new and existing homes.
Currently the tax credit is $7,500 and is only good for new primary residence homes. The credit is more of an interest free loan that will eventually need to be repaid to the government.
The new tax credit was brought to the table by the Republicans, and the Democrats agreed to put the credit on the bill. The credit is estimated to cost the government another $19 billion dollars, bringing the proposed 
There is a chance that the tax credit could get altered or even removed in the next week as it makes its way through Congress. Of all of the spending in the stimulus package, I think that the tax credit, or anything relating to the housing market is the most important!
This blog was posted by South Lake Tahoe Real Estate agent Brent Johnson. If you are a home buyer looking at houses for sale in South Lake Tahoe, make sure that you give Brent and Jill Johnson a call to find out more information. All South Lake Tahoe homes for sale on the South Lake Tahoe MLS can be viewed on our website bjohnson.idxcentral.net.
Make sure to look the list of foreclosures in South Lake Tahoe on my South Lake Tahoe real estate blog.
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