Senate Banking Committee Chairman Christopher Dodd (D-Conn.) and Sen. Johnny Isakson (R-Ga.) are expected to announce an agreement to expand the tax credit for first-time home buyers, which is set to expire at the end of the month, according to media reports.
The agreement extends the $8,000 credit for first-time buyers and gives a credit of up to $6,500 to repeat buyers who have been in their home for at least five years.
The credit would apply to contracts entered into through April 30 and closed before July 1.
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The home buyers' credit would be available to individuals earning up to $125,000, or $250,000 for couples, up from $75,000 for individuals and $150,000 for couples under the current law.
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