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Tax Credit Proposed to Stabilize Housing Market

The Senate has included a provision in the Stimulus Bill that would enable a buyer to gain a tax credit of 10 percent on the purchase of a home costing not more that $15,000.



However, it is not certain whether the bill would get backing from the House even after it is approved by the senate. This is because the House had repealed a provision of existing tax credit last week.



The proposal, if implemented, is expected to raise the hope of real estate industry significantly and will prove a much needed stimulus to stabilize the housing market.


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