Senate approves $15,000 home purchase tax credit

    The Senate today passed a tax credit of up to $15,000 for anyone who buys a house this year. The proposal was pushed by Republicans who favored targeted tax credits over no-strings rebates.

    There’s currently a $7,500 tax credit for home purchases, but the money must be repaid.

    The Senate measure, if it becomes law, would provide a credit of 10% of the home purchase price, up to a maximum credit of $15,000.