House passes tax credit extension

The extension of the first-time homebuyer’s federal tax credit has cleared another hurdle, with the House passing a bill today to extend the credit by three months past its June 30 deadline, Inman News reported. The bill passed in the House by a vote of 409 to 5, and the Senate could vote on it as soon as tomorrow, though experts say its passage is uncertain. Without an extension, as many as 180,000 homebuyers — including 14,830 in Florida — who were under contract by April 30 may miss the Wednesday deadline, according to the National Association of Realtors. The Senate is already on record as supporting an extension, after amending a bill June 16 to push the deadline back to Sept. 30. But other provisions of that bill have been controversial, prompting House lawmakers to introduce a stand-alone bill. [Inman News]