First Time Homebuyer Tax Credit Extended?

The US Senate will vote tonight on the Dodd - Lieberman - Isakson Amendment to Extend and Expand the $8,000 First Time Homebuyer Tax Credit. If passed, not only would first-time buyers who have not owned a home in the last 3 years be included, but so would existing homeowners looking to upgrade their home. A sliding scale is being proposed with a greater credit being offered to those homeowners who have lived int heir current residence for at least 7 years. Income limitations will apply and are being suggested at $150,000 for a single taxpayer and up to $300,000 for those filing jointly.