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Great news for home buyers which were unable to close before the June 30, 2010 deadline for the homebuyer tax credit: the House, and now the Senate have passed legislature late Wednesday night to extend the deadline to September 30, 2010.
The homebuyer measure would help only those that entered into binding contracts before April 30, 2010. It would give such homebuyers until September 30, 2010 to close the sale. Under current law, they would have had to close by June 30, 2010 to be eligible for tax credits.
It passed the Senate by unanimous voice vote. President Barack Obama is expected to sign the homebuyer measure, which the House passed earlier this week.
Congress first created a tax credit for homeowners in 2008. It was extended and expanded twice during 2009. The last extension, approved last fall, said that home purchase contracts would have to be signed by April 30, 2010 and homebuyers would have until June 30, 2010 to close on those sales. The extension is only good for those buyers who were under contract by April 30, 2010. Someone who signed a contract AFTER April 30, 2010 and buys a home by September 30, 2010 is NOT eligible for the tax credit.
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