WASHINGTON (AP) - Homebuyers may get an extra three months to finish qualifying for federal tax incentives that boosted home sales this spring.
Senate Majority Leader Harry Reid, D-Nev., says he wants to give buyers until Sept. 30 to complete their purchases and qualify for tax credits of up to $8,000. Under the current terms, buyers had until April 30 to get a signed sales contract and until June 30 to complete the sale.
The proposal would only allow people who already have signed contracts to finish at the later date.
Reid introduced the proposal as an amendment to a bill that would extend jobless benefits through the end of November. Reid faces a tough re-election campaign, and his home state has been hard-hit by the housing bust.
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