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Stimulus Bill Tax Credit Modified

The Senate and the House discussed over the $790 financial stimulus bill and removed the repayment feature from the home buyer tax credit after a brainstorming session.

Several trade associations including the Naitonal Association of Realtors had advocated removal of the repayment requirement in order to provide full benefit of tax credit to the buyers.

There was also a change in the effective date of tax credit. For a tax credit of $7,500 or less, the date has now been extended from June 30 to September 1.

Other provisions of the bill were also taken up for modifications during the session.

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