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Business Benefits of the Stimulus Act As you have probably heard, the recently enacted Economic Stimulus Act of 2008 (Stimulus Act) provided tax rebates for millions of individuals.   Temporary Credit for First-time Homebuyers The recent American Housing Rescue and Foreclosure Prevention Act of 2008 (Housing Act) created a temporary credit to encourage home ownership.   Changes to the Home Sale Gain Exclusion Many taxpayers bought a second home, such as a vacation home, with the intention of later converting the second home into their principal residence. Under pre-2008 Housing Act law, those taxpayers could have excluded up to $250,000 ($500,000 for certain joint filers) upon a later sale of that former vacation home as long as the two-year ownership and use tests for the exclusion were satisfied.