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Here is a quick update on the tax credit:

• A measure to extend and expand the first-time home buyer tax credit won Senate approval Wednesday
• The new credit still must pass through the House, that would send it to the President to sign into law
• New tax credit would extend the existing credit for first-time homebuyers up to $8,000
• New credit up to $6,500 for some existing homeowners that have owned their home for at least 5 years
• New credit would apply to contracts entered into through April 30, 2010 and closed before July 1, 2010. A home buyer must have a sale agreement in hand by April 30 and close escrow by June 30, 2010.
• The new rule also raises the qualifying income limits up to $125,000 for single taxpayers and $250,000 for joint
• The maximum allowed home purchase price would be $800,000
• Military personnel, deployed overseas for a minimum of 90 days in 2008 or 2009, would have until April 30, 2011 to claim the tax credit.

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