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For the first time, the tax credit program would also enable many homeowners who buy a new primary residence to receive a $6,500 credit.

Under the bill, first-time homebuyers would receive the $8,000 tax credit if they sign a contract by April 30 and close on it by June 30.

The plan would also make those who buy a new primary residence eligible for a $6,500 credit if they owned their current home for at least five consecutive years in the previous eight years. The measure limits the purchase price of the home to $800,000. It also imposes income caps so that people who make more than $125,000 annually and couples who make more than $225,000 would not be eligible for the program.