A vote by the Senate is expected on November 4 while the House of Representatives could give it their approval by the end of this week. It is likely that it will be approved before Friday when a monthly report on unemployment is due to be published.
The new measure which is expected to be approved would include home purchases that go into a contract by April 30, 2010. Additionally, buyers taking the credit from a home which was purchased in 2010 will be able to take advantage of the credit when they file their 2009 tax return.
First-time home buyers would continue to be eligible to receive the $8000 credit, while anyone who has owned a home for at least a five year period would be eligible to receive a tax credit of $6,500 on the purchase of a new home.
Income limitations have risen under the new program. Individuals may earn up to $125,000 and couples $225,000 to be eligible. Buyers in higher income brackets will be able to earn smaller credits.
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