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.