Builders Association of Northern NevadaHOMEBUYER TAX CREDIT EXTENDED AND EXPANDED! -$8,000 credit for first-time home buyers for sales contracts entered into by April 30, 2010 and closed by June 30. -$6,500 credit for owners of existing homes who are purchasing a new principal residence. -Increased income eligibility limits to claim the full credit amount... to $125,000 for single taxpayers and $225,000 for married taxpayers filing a joint return.