On July 30th 2008 The Housing and Economic Recovery Act was passed which includes a new temporary tax credit of up to $7,500 as an incentive for first time home buyers.
Log onto the National Association of Realtors info link below for all the details:
http://www.realtor.org/GAPublic.nsf/files/chart_homebuyer_tax_credit_.pdf/$FILE/chart_homebuyer_tax_credit_.pdf
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