The stimulus bill, formally named the “American Recovery and Reinvestment Act of 2009″ is broken up into several initiatives. However, we’re interested in how this will impact the housing industry specifically.

There’s an additional benefit for some homebuyers in the bill awaiting President Obama’s signature. First-time buyers can claim a credit worth $8,000 – or 10% of the home’s value, whichever is less – on their 2008 or 2009 taxes.

First-time buyers include people who have never owned a home before as well as those who haven’t bought a home in a few years. The Senate originally proposed a $15,000 tax credit for all home purchases made over the next year, but it was revoked as the bill was trimmed down.

A big plus to this new credit is that it’s refundable, meaning tax filers see a refund of the full $8,000 even if their total tax bill – the amount of withholdings they paid during the year plus anything extra they had to pay when they filed their returns – was less than that amount. And unlike the $7,500 credit that was passed in July and was more of a low-interest loan than an actual credit, this one doesn’t have to be repaid, unless you sell your home within three years of purchase.

The credit is available to taxpayers who buy a primary residence between Jan. 1 and Dec. 1, 2009. The credit can not be utilized by taxpayers whose Adjusted Gross Income exceeds $75,000, or $150,000 for married couples.