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Jun 29, 2010 3:47 PM by Melissa Canone

Bill Passed To Extend Tax Credit to Homebuyers

WASHINGTON (AP) - The House has passed a bill giving homebuyers
an extra three months to complete their purchases and still qualify
for a generous tax credit.
Under current law, homebuyers who signed purchase agreements by
April 30 have until Wednesday to close on the sale to qualify for
tax credits of up to $8,000. The bill would give buyers until Sept.
30 to complete their purchases.
The extended deadline only applies to people who signed purchase
agreements by April 30. The National Association of Realtors
estimates that about 180,000 homebuyers who already signed purchase
agreements are likely to miss the Wednesday deadline.
The bill now goes to the Senate, where Senate Majority Leader
Harry Reid has sponsored a similar measure.

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