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Congress extends homebuyer tax credit

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Published: Friday, August 06, 2010

Congress extends homebuyer tax credit

If you thought you missed your chance to receive the tax credit and did not close your home by June 30, you now have more time. The same night it was set to expire, the Senate passed an extension of the $8,000 homebuyer tax credit, which President Barack Obama was expected to sign into law on August 1, 2010. The previous bill stated that your home must close by June 30 in order to still qualify for the credit. But now you have until September 30 to close a deal and receive the tax credit. Without the extension the National Association of Realtors estimated that 180,000 homebuyers who qualified for the credit by being in contract for a home by April 30 wouldn't close on their homes in time for the cutoff at midnight June 30.

With an extra 3 months, homeowners can now get out of the backlog they would have faced if the extension was not passed.

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