More on the $8,000 Tax Credit

President Obama signed the stimulus package yesterday in Denver, CO. Part of the package included an $8,000 tax credit for first-time home buyers. The National Association of Home Builders credited a website to explain the tax credit - not a tax deduction. The website explains this part of the stimulus package as "A tax credit of up to $8,000 is now available for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009. Unlike the tax credit enacted in 2008, the new credit does not have to be repaid."

From the front page, click on the blue box to gain more information. From there, you will find information such as the Tax Credit at a Glance, FAQs, The Law's Other Provisions and Home Buyer Resources.

Today at 12:15 p.m. EST President Obama will be speaking about his housing plan in Mesa, Arizona. The plan is expected to help homeowners that owe more on their homes than they are worth and also help homeowners getting close to foreclosure. Watch the news conference and feel free to leave a comment.