The House of Representatives passed legislation today to extend and expand the current first-time homebuyer tax credit, joining the Senate’s nearly unanimous approval of the measure yesterday. When the President signs the bill, the first-time-home-buyer tax credit will extend to purchase contracts signed through April 30, 2010 and the law will expand to cover previous owners purchasing homes if they have lived in their current home for 5 of the last 8 years. I say “when” the President signs the bill rather than “if” because the Congress attached this legislation to an extension of the unemployment benefits legislation that is necessary to continue payments to thousands of unemployed persons, making the law nearly veto-proof.

Here is a chart from the National Association of Realtors^® that compares the current law with the new legislation that will become effective upon the President’s signature:

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