06.16.10

Comment On Senate Passage Of Amendment To Extend Closing Window For Homebuyers Tax Credit

[During debate on a bill to extend several tax deductions and other provisions, the U.S. Senate Wednesday voted 60-39 to extend until October 1 the time allowed for closing on a home in order to qualify for the popular homebuyers tax credit.  Sen. Patrick Leahy (D-Vt.) has strongly supported the amendment, which will give homebuyers who have home purchases under contract the added time to overcome delays in the closing process that have occurred through no fault of their own.  Such obstacles have included delays in receiving home appraisals and slow approval of financing through Fannie Mae and Freddie Mac.  The Senate later this week is expected to finish floor debate on the bill that includes the homebuyers tax credit extension.  Following is Leahy’s comment on the Senate vote.]

“The homebuyers tax credit has been incredibly successful in helping families in Vermont and around the country buy their first homes.  These sales have helped stabilize the housing market.  This program also has played a role in bringing the economy back from the brink of the collapse that started in 2007.   Extending this filing deadline for this tax credit will ensure that eligible homebuyers who have followed the rules have enough time to close on their homes.  It would be unfair to let bureaucratic delays keep buyers and sellers from completing these purchases.”

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