1) The 1st time buyer credit of $8,000 has been extended to include contracts signed by before May 1, 2010 (meaning the last day a contract can be signed is April 30, 2010). The house must close before July 1, 2010 (meaning the last closing date is June 30, 2010).
2) An existing homeowner credit of $6,500 has been added. To qualify, the house that is sold must be a primary residence. The owner must have lived there for at least 5 consecutive years out of the last eight years. If I’m reading the amendment correctly, the sale and purchase must take place on the same day. The house being purchased cannot exceed $800,000.
3) The income limitations are $125,000 for a single filer and $225,000 for a joint return.
4) The taxpayer claiming the credit must be at least 18 years old and the IRS has oversight to review the claim.
5) Individuals who have been deployed overseas for the military for at least 90 days in 2008 or 2009 can claim the credit through April 30, 2011.
The senate vote was 98 to 0. The House will be taking it up shortly. I’ll post more information as it becomes available. You can find the amendment information at http://thomas.loc.gov/cgi-bin/query/F?r111:1:./temp/~r111PWDHDV:e0 but you’ll have to scroll down most of the page to find the homebuyer credit information.