Originally Posted by dynalow

The Senate bill increases the tax credit from 7,500 to 15,000 for the purchase of a taxpayer's primary residence.

Note: the words "first time" have been removed from the Senate version.

Credit would be available on purchases for 1 year after enactment. T/P's could split it between year of purchase and the next year to maximize the tax offset. The new model does not appear to be refundable-only to reduce current year tax. Nor would pruchases after enactment be eligible for a carryback to 2008 returns...
Stay tuned....