Homebuyer Tax Credit Extended, Expanded
The homebuyers' tax credit has been extended to April 30, 2010.
The extension is part of a $24 billion economic stimulus bill signed November 6.
The bill extends the $8,000 tax credit for home buyers who are purchasing their first home from the current November 30 deadline and expands the program to offer a credit of $6,500 to other homeowners who have lived in their current home for at least five years.
Another modification to the original legislation raises the income limits for program participation from $75,000 for a single purchaser to $125,000 and from $125,000 to $225,000 for a couple. There are also credits available on a diminishing basis above those income limits.