Homebuyer Tax Credit Deadline Extended

Washington, DC, July 1, 2010--The U.S. Senate Wednesday extended the deadline for homebuyers seeking to claim a federal tax credit.

The measure would help only those that entered into binding contracts before April 30. It would give such homebuyers until Sept. 30 to close the sale. Under current law, they would have had to close by today to be eligible for tax credits.

It passed the Senate by unanimous voice vote. President Barack Obama is expected to sign the legislation, which the House passed earlier this week.

The homebuyer tax credit extension and unemployment benefits had been part of a catch-all bill that included federal aid to state governments and extensions of a host of expired tax breaks for businesses and individuals. But that bill stalled in the Senate last week, after unanimous Republican opposition.