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June 30, 2010

Another Homebuyer Tax Credit?

June 30, 2010

Another Homebuyer Tax Credit?

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.

Read the full article here.