Update: On Friday, the Senate failed to get enough votes to end debate and pass the larger bill, called the American Jobs and Closing Tax Loopholes Act of 2010. What does this mean for the prospect of the tax-credit deadline extension? The Senate will need to twist a few arms to pass the entire package and send it to the House. There’s no guarantee, of course, that the House will include the tax credit amendment.
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Senate OKs Tax Credit Extension for Homebuyers
The Senate Approved a Plan to Extend the Period when Homebuyers Can Qualify for Tax Incentives until Sept. 30th
(AP) The Senate on Wednesday 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.
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