First Time Home Buyer $8,000 Federal Tax Credit To Help More People

A $24 billion package intended to both boost the lagging economy and help out millions who are unemployed has been sent to President Barack Obama for his signature.

The legislation will extend the $8,000 federal tax credit for first time home buyers. It even expands it, offering a $6,500 credit for some prospective home buyers who already home owners. Though the credit was originally set to expire at the end of November, the credits will now apply to house contracts entered into before April 30, 2010, and closed by June 30.

In addition to extending the tax credit, the nearly 2 million people who have lost or are in danger of exhausting unemployment benefits soon will receive up to an additional 20 weeks worth of benefits.

President Obama is expected to sign the measure Friday.

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