The First Time Home Buyer Tax has been extended and expanded. So much so that calling it by that name is only half the story.

As an amendment to an unemployment insurance bill, a RPAC endorsed extension and expansion of the current home buyer tax credit unanimously passed the Senate late Wednesday and the House of Representatives on Thursday. President Obama signed the bill on Friday.

To summarize the new bill, first-time home buyers will still be able to claim the $8000 tax credit until April 30, 2010. In addition, closing the sale isn't required prior to the deadline. This credit would apply if a binding contract is in place by April 30, 2010; buyers have an additional 60 days to close the sale.

In addition, current homeowners who have maintained the home they want to sell as their primary residence for five of the last eight years are also eligible. In those cases, the maximum credit is lower: $6,500 or 10 percent of the sale price, whichever is least.

The previous credit included income caps of $75,000 and $150,000 for individuals and couples. The new bill lifts those caps to $150,000 and $225,000 for individuals and couples, respectively. The new version does, however, cap the purchase price of homes purchased; the credit may not be claimed when the purchase price is $800,000 or greater.

There are several other minor changes to the current credit through this legislation. You can see a side-by-side comparison of the two bills by clicking here.