It is very likely that the $8,000 tax credit for first time home buyers will be extended to April 30, 2010. And there will also be a credit of $6,500 for homebuyers who buy a new home.

To qualify for the these credits, you must have a sales contract dated by April 30, 2010 and must complete the transaction within 60 days.

This credit is available to taxpayers who file single tax returns with an income up to $125,000 and is available to taxpayers who file joint tax returns with an income up to $225,000.

The credit is not available for homes over $800,000.

If you are moving to a new home, you must have owned your current home for at least 5 years.

This new law will provide the IRS with a greater authority to oversee the returns and you must be 18 years old to qualify for the credit.

There are also special considerations to members of the  military, military intelligence and foreign service.  They are not subject to recapture fees and if they served overseas for more that 90 days in 2008 or 2009, their credit deadline is April 30, 2011.

Watch here for news of the bills actually passing through Congress.