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  Congress Approves Tax Credit Closing Deadline Extension
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Last EditedRP  Jul 01, 2010 12:20pm
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CategoryProposed Legislation
AuthorNick Timiraos
News DateThursday, July 1, 2010 06:00:00 PM UTC0:0
DescriptionCall it the temporary tax credit that just won’t end.

Congress approved late Wednesday an extension to the June 30 closing deadline for the home buyer tax credit, hours before it was set to expire. The move will give would-be buyers who signed a purchase agreement by April 30 more time to close on those deals and receive the credit that is worth up to $8,000. The new deadline is Sept. 30.

The Senate approved the measure unanimously on Wednesday, one day after the provision sailed through the House of Representatives with little opposition. The President is expected to sign the measure soon.

The Senate had failed to pass the provision last week when it was included in a bigger package that would have extended jobless benefits, among other measures. On Wednesday, an effort to reinstate unemployment insurance failed, and the Senate opted to pass the tax credit provision by itself.
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