Homebuyer Credit Expanded

 

The bill also extends an $8,000 tax credit for first-time homebuyers which has helped the housing industry recover from the foreclosure crisis, though some analysts say it has largely gone to people who would have bought houses anyway.

 

The credit, which is due to expire on Nov. 30, would be extended until April 30 and expanded to include more affluent homebuyers. People who have owned a home for at least five years would also be eligible for a $6,500 credit if they move.

 

The homebuyer credit will not be extended beyond April 30, said the measure's sponsor, Republican Senator Johnny Isakson.

 

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