After seeing a Senate vote of 98-0, the House approved the extension & expansion of the home buyer tax credit by a vote of 403 to 12.  The overwhelming bipartisan support was applauded by the NAHB and the National Association of Realtors® (NAR).

The new bill extends the expiration of the current $8000 tax credit to first time home buyers purchasing a principle residence.  The bill further expands the credit to include existing purchasers who have owned and occupied a primary residence for the past five of eight years.  Existing purchasers will receive a credit of $6500.

The income restrictions on qualifying buyers have also been increased.  Single filers earning up to $125k/year are eligible for the full credit, and those earning up to $145k/year are eligible for a partial credit.  Joint filers are eligible for the full amount with a combined income of up to $225k, and eligible for a partial if earning up to $245k.

The new law has seen wide support, especially from the real estate blogging community.

For more information, please check out any of the following links:

Tax Credit Overview - LakeandCityHomes.com
Real Estate News: Homebuyer Credit Extended & Expanded - TheSarasotaLifestyle.com
Should the Home Buyer Tax Credit have been Extended & Expanded (Poll) - PhoenixRealEstateGuy.com
Extended Homebuyer Tax Credit Changes & FAQ - AthensGAProperties.com
President Obama Signs Extended Home Buyer Tax Credit - Homebuying.About.com