The legislature did extend the $8,000 homebuyer tax credit to contracts signed by April 30 and closed by June 30.
The Senate's bill also creates a $6,500 credit for those who buy a home after living in their current house at least five years. That measure would also apply to contracts signed by April 30 and closed by June 30. The current credit defines a first-time homebuyer as someone who has not owned a residence within the past three years. ( this information is coming from the cnn.money.com site ).