Another Homebuyer Tax Credit?

Posted by Leslie Bauer on Thursday, July 1st, 2010 at 11:34am.

Not quite. On Tuesday, The House of Representatives voted to extend the tax credit for three more months for those who had a contract in place prior to April 30th, 2010. The extension is to allow them enough time to close on their purchases in order to receive the $8,000 federal income tax credit. According to CNN.com: “But the Senate had better act fast – the deadline [for closing under the current extension] is currently Wednesday. The bill doesn’t help anyone currently shopping for a home. Buyers must have signed a contract by April 30 to qualify for the tax break. At issue is when the deal must be finalized. The House voted 409 to 5 to delay the closing deadline to Sept. 30 in a stand-alone measure.” Total deficit increase over a decade? $9 million.
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