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Politics

Senators eye extending home credit to end of April: sources

A high priced home sits for sale near St. Charles, Illinois September 24, 2009. REUTERS/John Gress

WASHINGTON (Reuters) - A popular U.S. tax credit for first-time homebuyers would be extended until the end of April and expanded to cover repeat buyers under a deal reached by key senators, sources familiar with the plan said on Wednesday.

The sources said the tax credit would remain at its current $8,000 for first-time buyers, while a new credit for repeat buyers of a primary residence who have been in their house for at least five years would receive a credit of $6,500.

Senate Banking Committee Chairman Christopher Dodd said on Tuesday that a deal had been reached, but he declined to provide details. It was still unclear when the Senate might take up the measure.

Reporting by Corbett B. Daly; Editing by Dan Grebler

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