Homebuyer Tax Credit: Closing Date Extension Gets Senate OK

Homebuyers who took advantage of the $8,000 federal tax credit but are unable to close by the June 30 deadline may have gotten a reprieve yesterday.

On Wednesday afternoon, the Senate OKd a proposal to add three more months to the closing schedule of the tax credit program, extending the deadline until September. The extension applies only to sales that went to contract by April 30.

The amendment to a bill related mostly to unemployment insurance benefits, HR 4123, was ratified in a 60-37 vote, with support falling primarily along party lines, with only four Republicans voting for it and one Democrat voting against it.

The House and Senate both passed earlier drafts of the bill in December and March, respectively.