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As the real-estate industry rushes to help buyers close in time to get its $8,000 tax credit, it may get some (more) help from Uncle Sam.
On Wednesday, the Senate approved a proposal to extend the closing deadline on the tax credit of up to $8,000 for home buyers.
Under the measure, buyers would have until Sept. 30 to close on sales that went into contract by April 30. The current closing deadline is June 30.
We’ve heard from many readers who are struggling to meet that deadline; we’ve also written about attempts by some buyers to pretend they were under contract in April by backdating documents. (See Tax Credit Extension Could Help Tax Cheaters)
The extension measure is part of a wide-ranging bill of tax policy extensions and federal program renewals. The Senate will likely vote on the larger measure later this week or next, then it heads to the House. We’ll be following developments. Stay tuned.
Update: On Friday, the Senate failed to get enough votes to end debate and pass the larger bill, called the American Jobs and Closing Tax Loopholes Act of 2010. What does this mean for the prospect of the tax-credit deadline extension? The Senate will need to twist a few arms to pass the entire package and send it to the House. There’s no guarantee, of course, that the House will include the tax credit amendment.