In addition to extending the existing $8,000 tax credit for first-time home buyers, the bill creates a $6,500 credit for those who buy a home after living in their current house at least five years (of the last 8 years). That measure would apply to contracts signed by April 30 (and after Jan 1) and closed by June 30.
A first-time homebuyer is someone who has not owned a residence within the past three years
Income cap is $125,000 for single filers and $225,000 for joint filers. Credit begins to phase out incomes more than $75,000 for single filers, or $150,000 for joint filers.