tax credit extension may be approved tomorrow!!Allyn,Belfair and mason county

Looks like Congress will be extending that homebuyer tax credit afterall. First time homebuyers, known to the IRS as people who haven't owned a home in the last three years, have been frantcly trying to get into contract on a house in time to get an $8,000 federal tax credit due to expire on Nov. 30. But some of them have had such a hard time outbidding cash buyers that they despaired of making the deadline.

Well, they're in luck. The Senate just passed a cloture motion to end debate on this bill, 85-2. that will extend the tax credit to April 30, 2010. The bill should find it's way through floor votes in both Senate and the House by the end of tomorrow, if Senate Majority Leader Harry Reid has his way.

But the bill will not just be extended, it will also be expanded.

Get this-

Homebuyers who have lived in their prior residences for at least five years could receive a credit of $6,500 under the plan. Couples earning as much as much as $225,000 and individuals earning up to $125,000 would also qualify. That's up from the current $75,000 limit for individuals and $150,000 for couples.

Also, anyone taking the credit from a home purchased in 2010 would be able to take the credit in 2009. Wow what a deal!