The Senate on Wednesday voted to give homebuyers more time to settle on their contracts and take advantage of a popular tax credit.
The law extends the closing deadline to September 30 for buyers who met the April 30 deadline to have a signed contract.
The current deadline requires those buyers to close the transaction by June 30 to receive the $8,000 tax credit for first-time homebuyers. Reid offered the measure as an amendment to a bill that would extend some popular business tax breaks and extend unemployment insurance benefits for jobless workers.
http://www.realtor.org/press_room/news_releases/2010/07/tax_flood_credits
http://www.thomas.gov/cgi-bin/bdquery/D?d111:1:./temp/~bd8c0J:@@@D&summ2=m&/home/LegislativeData.php
