The Senate has tentatively agreed to extend the existing $8,000 tax credit for first-time home buyers and also offer a new $6,500 credit for existing homeowners who have lived in their current residence for a consecutive five-year period in the past eight years.
Home buyers must be under contract by April 30, 2010, and close before July 1. Some House Democrats have expressed concern about the high cost of the tax credit for the government, and allegations of abuse have resulted in an IRS probe of the program.
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