Senate Approves Extending Tax Credit Deadline

nate on Wednesday approved an amendment to extend the closing date for home buyers taking advantage of federal tax credits, the Associated Press reports. The amendment, introduced by Sen. Harry Reid, D-Nev., pushes the closing date out three months to Sept. 30. Borrowers who signed contracts ahead of the April 30 tax-credit deadline currently have until the end of the month to close. In a statement released earlier this month, Reid said he introduced the amendment because of a growing concern that many home purchases would not be complete before the deadline through no fault of the home buyer. ‘By extending the transaction deadline, we can ensure that everyone taking advantage of this credit can complete the purchase of their new home," Reid said. The amendment passed the Senate by a 60-37 vote, the AP reports. SOURCE: [link=]Associated Press


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