Extra Credit: Congress Extends Homebuyer Tax Breaks for Three Months

Congress has approved a three-month extension for a homebuyers tax credit, which offers a break of up to $8,000 per home.Congress has sent President Barack Obama a plan to give homebuyers an extra three months to finish qualifying for federal tax incentives that boosted home sales this spring.

The legislation would give buyers until Sept. 30 to complete their purchases and qualify for tax credits of up to $8,000. Under the current terms, buyers had until April 30 to get a signed sales contract and until June 30 to complete the sale.

The bill only allows people who already have signed contracts to finish at the later date.

The House approved the measure on Tuesday.

Legislation in the Senate, sponsored by Majority Leader Harry Reid, was approved Wednesday night by unanimous consent.


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