Good News...House lawmakers have passed a standalone bill that would extend for three months Wednesday's deadline for closing on a home purchase in order to claim the federal homebuyer tax credit by a vote of 409-5.
Although the death of Sen. Robert Byrd, D-W.Va., has slowed the pace of work in that chamber, the Senate could vote on the bill, HR 5623, as soon as tomorrow.
Without an extension, the National Association of Realtors estimates as many as 180,000 homebuyers who were under contract by April 30 may miss the June 30 closing deadline, including 17,700 in California, 15,340 in Texas, 14,830 in Florida and 9,130 in New York.
Having amended a bill on June 16 to push the deadline back to Sept. 30, the Senate is already on record supporting an extension. But other provisions of that bill, the "American Jobs and Closing Tax Loopholes Act of 2010," have proved controversial, prompting House lawmakers to introduce a standalone bill.
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