$7,500 Tax Credit not enough? How about $15,000?

The Senate is discussing a new tax credit that could replace the 10%/$7,500 no interest loan for first-time home buyers, scheduled to sunset on June 30, 2009. Instead, a 10%/$15,000 refundable tax credit, for all home buyers, could be instituted for single filers who make less than $75,000 or married couples who make less than $150,000. You would be able to split the refund for 2009/2010 tax years or take it retroactively, for 2008. Obviously, $15,000 is more than $7,500 but since the new credit will be a refundable one, you could actually receive less money if your tax liability is under $7,500. Please contact your tax advisor for additional information.