Bill Reversal? Tax Credit Closing Date Extension Approved in Senate After all!?
In a stunning reversal of a vote from last week, striking down an extension of the deadline for home purchase closing date, Congress approved a three month extension to qualify for up t0 $8,000 in federal tax credits. Buyers who already have signed contracts will now have until Sept. 30 to complete their purchases. Under the current terms, buyers had until April 30 to get a signed sales contract and until June 30 to complete the sale. The House approved the measure on Tuesday. Legislation in the Senate was approved Wednesday night by unanimous consent.
A word of caution though, though there is a very high likelihood this is going to be sealed into law today in the final vote, surprises in congress are not a rare occurrence. We are hoping there will be certainty about this extension by the end of today. (06/01/2010)