Homebuyer Tax Credit Extension Passes the House; Moves to the Senate
By a margin of 409-5, the House of Representatives today passed a bill (H.R. 5623) that would extend the closing date for the first time homebuyer tax credits by three months to September 30, 2010. The Senate could vote on the bill as early as tomorrow.
As it stands, to receive the tax credit, homebuyers must have signed a contract to purchase by April 30, 2010, and must close by June 30, 2010. However, homeowners have reported widespread difficulty with closing in time for a variety of uncontrollable reasons, including appraisal, bank and escrow delays. The extension would give those homeowners several more months of much-needed time to close.
Last week, the Senate shot down a similar amendment which was tacked on to a larger bill, American Jobs and Closing Tax Loopholes Act of 2010.