The Senate just passed a cloture motion, 85-2, to end debate on extending the benefits contained in the Unemployment Compensation Act of 2009. Also included in that legislation is the extension of the homebuyer tax credit into April of 2010. The bill should find its way through floor votes in both Senate and the House by the end of tomorrow, if Senate Majority Leader Harry Reid has his way. But the credit will not just be extended, it will also be expanded.

Homebuyers who have lived in their prior residences for at least five years could receive a credit of $6,500 under the plan. Couples earning as much as much as $225,000 and individuals earning up to $125,000 would also qualify. That’s up from the current $75,000 limit for individuals and $150,000 for couples.  The measure would require those receiving the tax break to remain in their new home for three years. They would have to repay the credit if they didn’t. Those buying homes worth more than $800,000 wouldn’t be eligible for the credit. Lawmakers also said they won’t extend the break beyond April 30.

Also, anyone taking the credit from a home purchased in 2010 would be able to take the credit in 2009.