Looks like the senate might approve an extension on the first time home buyer tax credit.
The U.S. Senate might vote as early as next week on proposals to extend both an $8,000 tax credit for first-time homebuyers .
Changes to the bill could include:
Homebuyers who have lived in their prior residences for at least five years may receive a $6,500 credit under the plan, said Senate Finance Committee Chairman Max Baucus. Also, couples earning as much as $225,000 and individuals as much as $125,000 would qualify for the extended break, Baucus said. That's up from a $75,000 limit for individuals and $150,000 for couples.
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