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Congress Trims Proposed $15K Homebuyer Tax Credit

The economic stimulus deal reached by House and Senate leaders reportedly slashed the Senate’s proposed $15,000 homebuyer tax credit. The Associated Press reports that the $35 billion homebuyer tax credit included in the Senate bill was cut down to a $2 billion to $3 billion plan that would allow first-time homebuyers to claim an $8,000 tax credit for homes purchased by Aug. 31. The credit would not have to be repaid.

The legislation would also grant up to $1,500 to homeowners who install new doors, windows or furnaces to make their homes more energy-efficient.

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