detail of the bill

S.1 Home Buyer Tax Credit Provision

Basics

Amount: The lesser of $15,000 or 10 percent of the purchase price the home

Time Frame: One year from date of enactment of the economic stimulus legislation

Eligible Homes: All principal residences (single-family detached, multifamily condos, townhouses, etc.)

Eligible Buyers: All purchasers; no income limits

Recapture: Credit is recaptured only in the event that the home is sold within two years of purchase (exception for military families)

Credit Timing: Credit can be claimed in equal amounts over two years and can be claimed against 2008 taxes