Bill Proposes Extension of Home-Buyer Tax Credit Closing Deadline

by Joshua on June 10, 2010

From the Wall Street Journal’s article, Congress Could Extend Home-Buyer Tax Credit Closing Deadline

On Thursday, there were signs that the real-estate lobby had successfully communicated those concerns to Congress.  Senate Majority Leader Harry Reid (D., Nev.) joined Sen. Christopher Dodd (D., Conn.) and Sen. Johnny Isakson (R., Ga.) in sponsoring a measure that would give buyers until Sept. 30 to close on sales that went into contract by April 30. That measure would be attached to a job-related bill before the Senate. It would need House and Senate passage before being signed by President Obama.

Congress last fall extended an $8,000 tax credit for first-time home buyers and added a smaller $6,500 credit for current homeowners. For now, buyers who signed contracts by April 30 have until June 30 to close on those sales in order to claim the tax credit.

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