Call it the temporary tax credit that just won’t end.
Congress approved late Wednesday an extension to the June 30 closing deadline for the home buyer tax credit, hours before it was set to expire. The move will give would-be buyers who signed a purchase agreement by April 30 more time to close on those deals and receive the credit that is worth up to $8,000. The new deadline is Sept. 30.
The Senate approved the measure unanimously on Wednesday, one day after the provision sailed through the House of Representatives with little opposition. The President is expected to sign the measure soon. If the President signs the bill into law, it is unclear if the provision will apply retroactively to deals that close on Thursday, July 1.
Jon Tipton, Realtor/Certified Appraiser
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