The Worker, Homeownership, and Business Assistance Act of 2009 has extended the first time homebuyer credit and expanded it to include a credit for long-time homeowners buying a replacement principal residence. The credit for first time home buyers is up to $8,000 and the credit for long-time homowners is up to $6,500. Under the new law, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2010 and close on the home by June 30, 2010. For qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 return.

For more information on this credit, you can visit the IRS informaiton page here: http://www.irs.gov/newsroom/article/0,,id=204671,00.html. The National Association of Homebuilders has also created a site dedicated to the credit at http://www.federalhousingtaxcredit.com.