WASHINGTON (Dow Jones)--People hoping to take advantage of the first-time home buyer tax credit would have an extra three months to close their home purchases and still qualify, under a measure introduced in the U.S. Senate Thursday.
To be eligible for the tax credit, home buyers must have a valid contract by April 30, 2010 and close the transaction by June 30, 2010. The Senate measure would allow home buyers until the end of September to complete their transactions.
Senate Majority Leader Harry Reid (D.-Nev.) and Sens. Chris Dodd (D., Conn.) and Johnny Isakson (R.-Ga.) intend to offer the measure as an amendment to the jobs legislation pending in the Senate.
-By Jessica Holzer, Dow Jones Newswires; 202-862-9228; email@example.com