The Senate has amended a bill to give homebuyers who were under contract on a home purchase by April 30 an additional three months to close their escrow and claim the federal homebuyer tax credit.
The current deadline requires buyers to close by June 30 to get the $8,000 tax credit for first-time homebuyers. Existing homeowners buying a new primary residence are eligible for a $6,500 credit.
The proposal would not have a significant impact on future home sales as the extension would be only for home buyers who already had a contract in hand by April 30.
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