Home Tax Credit Extension Relieves Tardy Buyers
NEW YORK (AP) - Homebuyers worried about closing their house purchases by the tax credit cutoff can relax after the government extended the deadline.
Congress sent President Barack Obama a plan to give homebuyers an extra three months to finish qualifying for federal tax incentives that boosted home sales this spring. The House approved
the measure on Tuesday and the Senate approved it Wednesday night. The president is expected to sign it.
The legislation gives buyers until Sept. 30 to complete theirpurchases and qualify for tax credits of up to $8,000. Under the original terms, buyers had until April 30 to get a signed sales contract and until June 30 to complete the sale.
The bill only allows people who already have signed contracts to finish at the later date.
(Copyright 2010 by The Associated Press. All Rights Reserved.)
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