The House of Representatives passed a bill earlier today extending unemployment benefits up to an additional 20 weeks. As part of the bill, the tax credit for first time homebuyers was extended and expanded to include a $6500 credit for buyers who purchase a primary residence if they've lived in their current house for at least the last five years.
The tax credit, which was scheduled to expire on December 1, was extended to include those purchase contracts signed by April 30 and closed by June 30.
In addition, the maximum qualifying income levels were increased to $125,000 for single filers and $225,000 for joint filers.
The Senate passed the bill yesterday and President Obama is expected to sign the bill in to law tomorrow.
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