First-time homebuyer tax credit extension passes Senate vote, on to House

The Senate voted 98-0 today to pass the bill including the extension of the first-time homebuyer tax credit.

The bill will now move to the House for a vote before President Obama can give the final stamp of approval. The administration is reported as saying it supports the bill, which the House could vote on Thursday.

"Now that this legislation has passed the Senate, I will bring it to the House Floor for a vote as early as tomorrow," said House Majority Leader Steny H. Hoyer of Maryland [From CNNMoney.com].

The first-time homebuyer tax credit extension is packaged in a bill that could extend unemployment benefits by as many as 20 weeks. If passed as is, the bill will extend the existing first-time homebuyer tax credit of up to $8,000 for home purchases made by April 30, 2010. It would also add a $6,500 credit for home purchases by current home owners of at least five years.

Read more details on the proposed first-time homebuyers tax credit extension here and here.

Check back to Sean Cutright's blog for up-to-date details on the possible tax credit extension.