It looks like the $8,000 tax credit for first-time home buyers will be extended until April 30th of next year and expanded to include repeat home buyers.

Here are some key points of the proposal:

– A proposal from Senate Democrats would extend the credit to home buyers under contract by April 30 as long as they close the sale within 60 days. They would have to remain in their new homes for three years or otherwise repay the credit.

– Senate Finance Committee Chairman Max Baucus said the new plan would offer a $6,500 credit for home buyers who have lived in their prior residence for at least five years. Couples earning up to $225,000 and individuals up to $125,000 would qualify for the break, Baucus said. That’s up from the current $75,000 limit for individuals and $150,000 for couples.