WASHINGTON (AP) - The House has passed a bill giving homebuyers an extra three months to complete their purchases and still qualify for a generous tax credit.
Under current law, homebuyers who signed purchase agreements by April 30 have until Wednesday to close on the sale to qualify for tax credits of up to $8,000. The bill would give buyers until Sept. 30 to complete their purchases.
The extended deadline only applies to people who signed purchase agreements by April 30. The National Association of Realtors estimates that about 180,000 homebuyers who already signed purchase agreements are likely to miss the Wednesday deadline.
The bill now goes to the Senate, where Senate Majority Leader Harry Reid has sponsored a similar measure.