Senate approves home tax credit extension

The Senate has approved a plan to givehomebuyers an extra three months to finish qualifying for federaltax incentives that boosted home sales this spring.

The move by Senate Majority Leader Harry Reid would give buyersuntil Sept. 30 to complete their purchases and qualify for taxcredits of up to $8,000. Under the current terms, buyers had untilApril 30 to get a signed sales contract and until June 30 tocomplete the sale.

The proposal would only allow people who already have signedcontracts to finish at the later date. About 180,000 homebuyers whoalready signed purchase agreements would otherwise miss thedeadline.

The Nevada Democrat added the proposal to a bill extendingjobless benefits through the end of November.

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