President Barack Obama is expected to sign today a bill that would extend an $8,000 tax credit for first-time homebuyers until April 30, 2010, Bloomberg reported.

“The homebuyers’ credit has helped pave the way for stabilization in the housing market and contributed to three consecutive months of rising home prices,” said Rep. Jim McDermott, a Washington Democrat. “Its extension will continue to make homeownership more affordable and bring confidence to a housing market and economy that remain fragile.”

According to the Treasury Department, more than 1.4 million Americans have claimed the homebuyer credit so far.

The bill, H.R. 3548, which was passed by the Senate on Wednesday and the House yesterday, would also extend unemployment benefits and provide tax refunds to struggling businesses.

With Obama’s signature, the unemployed would receive up to 20 additional weeks of unemployment assistance and companies would be given more ability to apply losses to previous years’ income, allowing them this year to be eligible for $33 billion in tax refunds, Congress’s Joint Committee on Taxation said.

The tax refunds provision would provide “an immediate cash infusion to struggling businesses” and “free up additional payroll to help get more Americans back to work,” said Rep. Kevin Brady, a Texas Republican.

The legislation is the first major expansion of provisions in the economic stimulus package passed in February and is expected to channel $45 billion into the economy during the 2010 fiscal year.

It would also make existing homeowners who have owned their existing residence for a minimum of five years eligible to receive a $6,500 credit when they purchase a new home.