On Wednesday, the Senate voted unanimously in favor of a bill to extend and expand the homebuyer tax credit. On Thursday, the House voted 403-12 to pass the measure. Today, President Obama signed the bill – H.R. 3548 – into law. Totaling $24 billion, the law also provides extended jobless benefits for out-of-work Americans and tax cuts for struggling businesses.

The homebuyer tax credit provision, which was added to the stimulus bill by the Senate, extends the $8,000 first-time homebuyer credit through the end of June (for homebuyers who sign a binding contract by the end of April). It also expands the credit to include a $6,500 credit for existing homeowners to buy a new home (as long as they’ve lived in their current residence for at least five years). For more details on the homebuyer tax credit extension and expansion, check out yesterday’s post.

Supporters of the bill say that extending and expanding the tax credits are important to strengthen the fragile recovery that is taking hold in housing markets across the country. While housing market numbers have been strong of late, the unemployment rate is still high (higher than it’s been in 26 years) and consumer confidence is still low. This bill “is critical to maintaining the positive momentum we’ve been experiencing in the housing market and in the overall economy,” said one Realtors association.

What do you think? Do you plan to buy a new home and use the tax credit? Click on the “comments” link below and join the conversation!