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First Time Home Buyers Tax Incentive Extended

June 21st, 2010 2:15 PM by Mike Frangadakis

The Associated Press

 (AP) - WASHINGTON - The Senate has approved a plan to give homebuyers an extra three months to finish qualifying for federal tax incentives that
boosted home sales this spring.

The move by Senate Majority Leader Harry Reid would give buyers until Sept.
30 to complete their purchases and qualify for tax credits of up to $8,000.
Under the current terms, buyers had until April 30 to get a signed sales
contract and until June 30 to complete the sale.

The proposal would only allow people who already have signed contracts to
finish at the later date. About 180,000 homebuyers who already signed
purchase agreements would otherwise miss the deadline.


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Posted by Mike Frangadakis on June 21st, 2010 2:15 PM

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