Adding still more money to the proposed stimulus package, the Senate on Wednesday approved an up to $15,000 tax credit for new home buyers.
The proposal would allow a tax credit of 10% of the value of new or existing residences, up to a $15,000 limit. Current law provides for a $7,500 tax credit but only for first-time home buyers.
The tax credit was a provision pushed forward by the GOP.
Yesterday the Senate approved a tax incentive for car buyers, which would allow the deduction of sales tax and loan interest on purchases made in 2009.
The Senate may take a final vote on the stimulus plan as early as Thursday. However, even if the Senate approves the stimulus package, the final legislation must still be reconciled with the $820 billion proposal approved last week by the House of Representatives.
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