Friday, June 18, 2010

U.S. Senate votes to extend deadline for home buyer's tax credit

The Senate voted 60-37 on Wednesday to extend until the end of September the deadline for completing home sales and still qualifying for a popular home buyer's tax credit.

Only buyers who signed contracts by April 30 could take advantage of the extension. Without it, buyers must close the deal by the end of June to get the $8,000 first-time credit or the $6,500 credit for certain people who already own homes.

The amendment was added to a bill that would extend the law that provides extra unemployment benefits.

Senate leaders had hoped to pass the bill by the end of the week but were struggling to round up enough votes to overcome opposition by Republicans and some Democrats.

The National Association of Realtors estimated 180,000 buyers are at risk of not closing in time to receive the credits because of the crush of contracts and Congress' repeated lapses in renewing federal flood insurance.

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