$15,000 Homebuyer Tax Credit?

Here is some big news this morning.  A new homebuyer’s tax credit is being added to the stimulus package that will be voted on.  According to the AP the proposal would allow a tax credit of 10 percent of the value of new or existing residences, up to a $15,000 limit. Current law provides for a $7,500 tax break but only for first-time homebuyers.