Senate approves home tax credit extension

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 the Senate Majority Leader Harry Reid would give buyers until September 30th to complete their purchases and qualify for tax credits of up to $8,000. Under the current terms, buyers had until April 30th to get a signed sales contract and until June 30th 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. The Nevada Democrat added the proposal to a bill extending jobless benefits through the end of November.
Source: MetroTex Association of Realtors, http://www.dfwrealtors.com/newsroom_detail.php?id=108

For more information, contact the Grove Team today!

Direct (817) 337-0000
Email - info@groveteam.com

www.groveteam.com