On November 5th The House passed The Worker, Homeownership and Business Assistance Act. A day earlier it cleared The Senate by a vote of 98 to 0. The proposed legislation now heads to President Obama where quick signature is expected.

Among other things The Act extends the First-Time Homebuyer Tax Credit through 04/30/10. The refundable credit of up to $8,000 currently in effect was included in February’s financial stimulus package and is due to expire at the end of November.

Additionally the bill expands the credit to include existing homeowners who want to purchase a new home. Their maximum credit is $6,500. To qualify they need to have lived in their current home for 5 consecutive years within the past 8 years.

Further expanded is the level of qualifying income. Individual taxpayers may earn up to $125,000 and joint filers may earn up to $225,000. A reduced credit is available to individuals earning up to $145,000 and joint filers earning up to $245,000. The current credit is limited to individuals earning up to $75,000 and joint filers earning up to $150,000.

Two other details of note: First, the extended and expanded credits may be claimed for homes that cost up to $800,000. Second, the bill adds an age requirement to mitigate the risk of fraud.