Along with the extension of the $8,000 first time homebuyers’ tax credit, Congress passed another tax credit last month designed to stimulate the economy.

The Worker, Homeownership and Business Assistance Act of 2009 allows a federal tax credit of up to $6,500 for qualified repeat buyers who are currently existing homeowners. The purchase of a primary residence must occur after Nov. 6, 2009, and the contract signed by April 30, 2010, with a closing by June 30.

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