Senate votes to extend tax credit to home buyers

by bkrigbaum@solagroup.com

June 16, 2010 – From the Associated Press – The Senate has approved a plan to give home buyers an extra three months to finish qualifying for federal tax incentives that boosted home sales this spring.

The move by Senate Majority Leader Harry Reid (D-Nev.) would give buyers until Sept. 30 to complete their purchases and qualify for tax credits of up to $8,000. Under the current terms, buyers had until April 30 to get a signed sales contract and until June 30 to close the sale.

The proposal would only allow people who have signed contracts to finish later. About 180,000 homebuyers who already signed purchase agreements would otherwise miss the deadline.

Reid added the proposal to a bill extending jobless benefits through November.

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