Once more, the U.S. Senate may approve an extension on the home buyer tax credit as new home buyers struggle to complete their new home transactions. The terms to extend the home buyer credit will give buyers more time to close on their home.
Only homeowners who have already signed their sales contract before April 30th will be eligible for the newest tax credit extension. Even home builders are scrambling to meet the tight deadlines to finish the homes they have started. Builders around most of the nation are required to have a certificate of occupancy attesting that the home is finished or that it meets building codes.
The Realtors® group helped push for this extra extension. Therefore, the $140 million cost will be funded by refusing businesses the ability to deduct from their taxes penalizing damages that are paid when losing lawsuits for judgments.
The tax extension proposal was approved by a Senate vote of approval 60 – 37. Another proposal was also added to the bill, which will extend benefits for those who have lost their jobs. This extension, if approved, will go through the end of November.
This is not the first time the home buyer tax credit has been extended. Now, only time will tell if the big finale will be extended once again.
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