There was no final word from Capitol Hill on an extension of the homebuyer tax credit this week, as was expected.

Although senators from both parties have promised that the tax credit extension is a done deal, insiders say a vote on the legislation was delayed by the typical congressional red tape.

The latest version of the homebuyer tax credit legislation has morphed from DSNews.com’s last update.

The tax break would be available to buyers who sign a contract by April 30, 2010, and close by June 30 – that part hasn’t changed.

The credit amount is still based on 10 percent of the home’s purchase price, but now, the maximum available to first-time buyers would continue to be $8,000. Other buyers, who’ve lived in their current residence for at least five years but want to relocate to a new primary residence (not a vacation or investment property), could get up to $6,500 – the incentive for these buyers would begin on December 1 of this year.

The income limits for both first-timers and step-up buyers would be $125,000 for individuals and $225,000 for couples – up significantly from the current first-time buyer thresholds of $75,000 per individual and $150,000 per couple.

Senate Majority Leader Harry Reid (D-Nevada) said Friday that he has scheduled a vote for late next Tuesday. The tax break extension is expected to pass with bipartisan support in the Senate, and according to Reid, the House is also ready to move quickly on the matter. Reid says we could have a final decision as early as Wednesday.