This will come as excellent news to many homebuyers: the home tax credit has been extended yet again. The Senate approved this extension on Wednesday, giving homebuyers an extra three months to qualify for federal tax incentives.
September 30th is the new deadline for buyers to complete their purchases and get qualified for tax credits up to $8,000. Previously, buyers had until April 30th to get a signed sales contract and until June 30th to complete the sale.
The vote for the proposal was approved by 60-37 and will only allow people who have already signed a sales contract to complete the sale by the new deadline. There has also been an added proposal to the bill that will extend jobless benefits through the end of November.
With the push of the Realtors® group for Congress to add an extension to the tax credit, many potential borrowers will now be able to make the deadline for purchasing a home. The $140 million cost will be financed by denying businesses the ability to deduct from their taxes penalizing damages that are paid when losing judgments or lawsuits.
Many communities are seeing an increase in home sales and this new measure will continue to help with the increase of home sales around the nation.
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