Tax Credit Extension is Dead in the Water
So much for those extra three months.
A legislative measure that included an extension of the closing deadline for buyers using the first-timer credit failed to pass the Senate on Thursday. The amendment would have pushed back the deadline from June 30 to September 30. Instead, thousands of buyers — more than 180,000, according to the National Association of Realtors — may not be able to close their deals in time to utilize the $8,000 tax credit or its companion $6,500 tax credit for existing homeowners.
U.S. Senate officials are apparently looking into potential fixes, according to CNBC reporter Diana Olick. But, as of now, the initial June 30 deadline remains intact.
That means the only extension in effect is the one governing purchases by active-duty military members who were serving abroad on extended duty during the last 18 months. Those who qualify have until April 30, 2011, to purchase a home and until June 30, 2011, to close.