Congress passed the  bipartisan measure to extend the $8,000 home buyer tax credit to April 30, 2010 this past week; estimating results to  contribute approximately $22 billion to the economy. It was part of a larger bill that also extends unemployment benefits. It was  signed into law by President Obama.

Some two million people are expected to take advantange of the new law which includes a $6,500 tax credit for buyers who are current home owners and have lived in their home for five (5)  of the past eight (8)  years.

Income limits for eligible home buyers were also expanded to $125,000 for single buyers and $225,000 for couples, up from $75,000 for individuals and $150,000 for couples. Qualifying home prices are capped at $800,000.

Sen. Johnny Isakson, a Georgia Republican and a former member of NAR, was key in extending the credit, as well as pushing it through initially. Other prominent boosters include the National Association of Homebuilders and the Mortgage Bankers Association.