Thursday, June 17, 2010
The Senate yesterday voted to provide homebuyers with an additional three months to complete their home purchase. The credit, which would have expired June 30, provides an $8,000 credit against federal taxes for qualifying first-time homebuyers. The extension will affect only those sales already pending (or new backdated contracts; wait, that's not legal), but gives them until September 30th to settle. The bill has not yet been approved by the House, but is expected to pass and be signed by the President. Homebuyers in Washington DC will still enjoy the $5,000 tax credit, which extends through the end of the year.