$8,000 Tax Credit Extension: Will it Become a Reality?

Congress on Thursday voted to extend the current home buyer tax credit through April 30 and to extend a $6,500 credit to buyers who have owned their current home for five years. The credit, which still must be passed by the House of Representatives, wouldn’t cover second homes and is limited to homes of less than $800,000.
The credit would also be extended to a slightly larger pool of buyers by raising income caps to $125,000 for single filers and $250,000 for joint filers, up from $75,000 and $150,000, respectively. The National Association of Home Builders used Census data to estimate that around 14% of first-time buyers were ineligible for the current credit but will be eligible with the expanded income limits.
It's estimated that around 70% of current homeowners will be eligible for this Tax Credit.