Congress approves home tax credit extension
July 1st, 2010 - 8:10 pm ICT by Aishwarya BhattWashington DC, Jul 1 (THAINDIAN NEWS) A bill has been approved by the Congress, which will allow homebuyers to extend the closing deadline, in order to make use of the tax credit. Homeowners who signed contracts by the 30th of April, but couldn’t close the deal even a month later, have now been given up to the 30th of September to complete the deal.
The bill will now have to be signed by US president Obama after the House of Representatives on Tuesday. People who are buying homes for the first time have tax credit of $8,000 and other people who are purchasing a new primary residence have been given a tax credit of $6,500. Hopefully these new measures would bring some cheer to the homeowners.
This was a measure by the US government to increase the number of houses sold during the economic recession. Senate Majority Leader Harry Reid who is facing a tough re-election battle in Nevada is trying his best to win the popular vote of his voters. He said that, “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.”
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