The U.S. House of Representatives and the Senate have both passed a bill extending the deadline for closing on a home purchase for homebuyer tax credit. Homebuyers who signed purchase agreements by April 30th will have until September 30th, rather than June 30th, to close on their purchase to qualify for the tax credit.
The President is expected to sign the bill as early as today.
"I thank my colleagues for joining me to pass this important extension and giving homebuyers in Nevada and around the country the opportunity to purchase their first home," said Sen Harry Reid (D-NV), in a statement following the bill's passage.
"In addition to helping thousands of families experience the American dream, this successful and popular program provides a much needed boost to Nevada's housing market and economy,” said Reid.
If the President signs the bill into law tomorrow, it is unclear if the extension will apply retroactively to purchases that close today on Thursday, July 1st.
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