On Wednesday (11/05), the Senate voted 98-0 to pass the Unemployment Insurance bill which included the homebuyer tax credit.  Today (11/06), the House passed the bill by a vote of 412-12.  President Obama is expected to sign the legislation in short order.  We will have a roll call vote list available shortly.

Some of the main features of the tax credit include an extension of the first time homebuyer $8000 credit through April 30, 2010, a $6500 credit through April 30, 2010 for homebuyers selling properties in which they’ve lived for the last 5 consecutive years (closings on both situations must occur by June 30, 2010), and income limits of $125,000 single or $225,000 married.  To see key provisions of the expansion and extension, please visit REALTOR.org:

• New tax credit would extend the existing credit for first-time homebuyers up to $8,000
• New credit up to $6,500 for some existing homeowners that have owned their home for at least 5 years
• New credit will apply to contracts entered into through April 30, 2010 and closed before July 1, 2010. A home buyer must have a sale agreement in hand by April 30 and close escrow by June 30, 2010.
• The new rule also raises the qualifying income limits up to $125,000 for single taxpayers and $250,000 for joint
• The maximum allowed home purchase price would be $800,000
• Military personnel, deployed overseas for a minimum of 90 days in 2008 or 2009, would have until April 30, 2011 to claim the tax credit.

http://www.realtor.org/fedistrk.nsf/files/government_affairs_tax_credit_ext_chart_110409.pdf/$FILE/government_affairs_tax_credit_ext_chart_110409.pdf