The WSJ says that Senate negotiators have "reached a tentative deal to extend a tax credit for first-time home buyers, but its passage remains uncertain." The tax credit in question is for $8,000 and is currently only available for "first-time" home buyers who make less than $75,000 for an individual and $150,000 for a couple. The new plan would expand the credit to non-first-time buyers and increase the income limits.

The WSJ says:

The agreement would extend the existing credit for first-time home buyers, worth up to $8,000, while offering a new credit of up to $6,500 for some existing homeowners, Senate aides said. The reduced credit would be available to all home buyers who have been in their current residence for a consecutive five-year period in the past eight years.
...
The credit would be extended from its current expiration date of Dec. 1 to all contracts entered into by April 30, and closed before July 1. It is expected that income limits on people claiming the credit would be increased to $125,000 for singles and $250,000 for couples, from the current $75,000 and $150,000, aides said. The credit phases out for people making more than those amounts.

Will this credit help you buy a house?

Home Buyer Credit Gets New Life [Wall Street Journal]
(Photo:coffeego)