The Senate has approved a proposal that would extend the June 30th deadline by which buyers who took advantage of the $8K federal tax credit have to complete their home-buying transaction. The measure would extend the closing deadline to September 30th.
The real estate lobby is likely happy with this development. According to the National Association of Realtors, a good chunk of home buyers who took advantage of the credit bought homes that were either short sales or in foreclosure. As UT readers know, these transactions often take longer to close than the normal home-buying process. As such, many buyers are in danger of not meeting the June 30th deadline.
The measure is part of a larger tax-related bill that will likely be voted on later this week in the Senate, then would go to the House.
See other articles related to: federal tax credit
This article originally published at http://dc.urbanturf.com/articles/blog/senate_approves_extension_of_june_30th_tax_credit_deadline/2176
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