The House of Representatives voted Tuesday to give first-time homebuyers three much more months to close on their purchases and land an $8,000 federal income tax credit.
But the Senate had better act fast – the deadline is at present Wednesday.
The bill does not help any person presently shopping for any residence. Buyers must have signed a contract by April 30 to qualify for the tax break. At issue is when the deal ought to be finalized.
The House voted 409 to 5 to delay the closing deadline to Sept. 30 in a stand-alone measure. The move comes nearly a week right after the Senate failed to advance a a lot bigger jobs bill that contained the tax credit provision.
The smaller House bill would raise the deficit by $9 million above a decade.