US Senate OKs Extension Of Closing Date For Homebuyer Tax Credit
By Martin Vaughan and Corey Boles, Of DOW JONES NEWSWIRES
WASHINGTON -(Dow Jones)- The Senate Wednesday approved more time for
homebuyers seeking to claim a federal tax credit, but tabled a six-month
extension of jobless benefits.
The homebuyer measure would help only those that entered into binding
contracts before April 30. It would give such homebuyers until Sept. 30 to close
the sale. Under current law, they would have had to close by today to be
eligible for tax credits.
It passed the Senate by unanimous voice vote. President Barack Obama is
expected to sign the homebuyer measure, which the House passed earlier this
week.
Senate Republicans sustained a filibuster on the unemployment measure, as the
extension fell short of the 60-vote supermajority needed to overcome it. The
vote was 58-38.
Two Republicans--Maine Sens. Susan Collins and Olympia Snowe--joined Democrats
in voting for the jobless benefits. Sen. Ben Nelson of Nebraska was the lone
Democrat to vote against it.
It was the latest of several failed attempts by Democrats to extend the
jobless benefits, which expired at the end of May. Nelson and most Senate
Republicans have criticized the bill because it does not include spending cuts
elsewhere in the budget to offset its $34 billion cost.
Democrats objected to a motion from Senate Minority Leader Mitch McConnell (
R., Ky.) that would have extended the unemployment aid for six months, while
offsetting its cost by re-directing unspent stimulus funds.
The homebuyer tax credit extension and unemployment benefits had been part of
a catch-all bill that included federal aid to state governments and extensions
of a host of expired tax breaks for businesses and individuals. But that bill
stalled in the Senate last week, after unanimous Republican opposition.
Wednesday's vote was an effort by Democrats to strip out the unemployment and
homebuyer measures and pass them separately.
-By Martin Vaughan, Dow Jones Newswires; 202-862-9244; martin.vaughan@
dowjones.com
(END) Dow Jones Newswires
06-30-102204ET
Copyright (c) 2010 Dow Jones & Company, Inc.
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