Tax credit extension
Over the past month, news has wavered back and forth as to whether or not the buyers who contracted on homes by April 30th in an effort to earn a $6,500 or $8,000 tax credit on their purchase would in fact receive their credit if their lender couldn’t close by June 30th.
After the tax extension bill (which contained extensions for unemployment and obscure extensions like railway spending) failed over much bickering on the Hill, Congress nearly unanimously passed a standalone bill addressing the home buyer tax credit extension, giving buyers through September 30th to close.
The Senate attempted once again to push this same bill through combining it with the extension of unemployment benefits but this too failed but when separated again, just the tax credit extension was approved.
President Obama is expected to sign the bill that has passed the House and the Senate by a landslide, and nearly 200,000 homeowners will be grateful that they will still get their appropriate tax credits. We look forward to the ink drying and this chapter closing, it’s been a very rocky road.
CC Licensed image courtesy of nasa hq photo via Flickr.com.