The Senate and House have both approved the bill and the President is expected to sign it into law today.  The new bill is reported to extend the deadline until April 30, 2010 as the date you must close by in order to receive the tax credit.  The income limits to qualify are supposed to be increased to $225,000 per couple and $125,000 for individuals.  Additionally, the bill appears to have been expanded to include homebuyers who have owned their prior residence for at least five years to receive up to a $6,500 credit.  Like before though, if you sell or stop using the home as your primary residence within 3 years, you must pay the credit back!  Once the bill has been signed and the IRS has updated their site, we’ll post the exact details of the new measure.

Source: Bloomberg article