According to the Associated Press, the Senate has agreed to extend a tax credit for 1st time homebuyers that was set to expire December 1, and to expand it to include some repeat buyers.
Regan Lachapelle, a spokeswoman for Senate Majority Leader Harry Reid, said that Senators have agreed to extend the tax credit while also offering a credit of up to $6500 to buyers who have owned their current principal residence for at least the last five years.
A congressional aide speaking anonymously to the AP also said that the tax credit would be available to buyers who sign purchase contracts by the end of April for transactions closing by the end of June.
The full Senate could vote on the bill as soon as tomorrow. Stay tuned!
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