The Senate Republicans and Democrats came together today in offering tax relief to Americans looking to buy homes in 2009. If approved, the Senate proposal would give a tax credit up to $15,000 for anyone buying a house.

How is this good for the American home buyer? Currently, there is a $7,500 tax credit for home purchases – but the money must be repaid.

The proposal was pushed by Republicans who favored targeted tax credits over no-strings rebates. 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.

Real estate industry groups have backed such a credit as a way to spur demand for homes.

The reason for the proposal is obvious, to stimulate the home housing market which would then help generate new jobs and trigger the economy.

The homebuyer tax credit offered by GOP Sen. Johnny Isakson would apply to any home purchased as a main residence and would cost taxpayers $19 billion. Senators approved it by a voice vote, adding the idea to President Barack Obama’s economic recovery bill.