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Senate extends home tax credit closing deadline

An extension on deadline for closing on homes

An extension on deadline for closing on homes with federal credits up to $8,000 has been extended to Sept. 30. (June 28, 2010) Photo Credit: AP

President Barack Obama is expected to sign a bill this morning that would give home buyers eligible for the tax credit three more months to close, a measure that cleared Congress late Wednesday before the midnight deadline.

As a marathon of last-minute closings took place across the nation, the Senate voted by unanimous consent to approve a House bill that would extend the deadline to midnight Sept. 30 on contracts signed by April 30.

First-time buyers can get up to $8,000 and repeat buyers up to $6,500.

Senate majority leaders had attached the popular extension to less popular bills during the past few weeks, but with those bills going nowhere as the clock ticked, they abandoned that tactic Wednesday night and expedited approval of an extension.

The bill was delivered Thursday to the White House. Byrd was the longest-serving lawmaker in Senate history.

Buyers would be covered retroactively whether the extension becomes law this week or even next month, but the National Association of Realtors argued that a lot of sellers would back out of deals without a timely extension.

The group had estimated that 180,000 deals nationwide - about 9,200 in New York State - would not close by the June 30 deadline.

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