House May Vote Today on Homebuyer Credit

The U.S. House may vote as soon as today on a $45 billion plan to expand a tax credit for first- time homebuyers, extend jobless benefits and provide tax refunds to money-losing companies.

The measure won Senate approval yesterday on a 98-0 vote, and House passage would send it to the President for his signature into law. House Majority Leader, Maryland Democrat, said the chamber may act on it today.

The plan would be the first major extension of provisions in February’s economic stimulus plan. The $8,000 homebuyers’ tax credit, slated to expire this month, would continue until April 30, and be expanded to include people with higher incomes and some who already own homes. That would cost about $10 billion in the fiscal year that began Oct. 1, according to Congress’s Joint Committee on Taxation.

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