Here is some great news for those of you who are buying real estate here in Shasta County. The U.S. Senate, on Wednesday, approved the extension of the tax credit for homebuyers.
An amendment was added to the $140 billion tax bill that renews a series of tax credits – continues federal programs such as the jobless benefits and flood insurance program, boosts fiscal aid to states and averts reductions in payments to doctors who treat Medicare patients.
As is already known, this tax credit provided buyers up to $8,000 for first-time homebuyers and up to $6,500 for those who are looking for buy another home as their primary residence. Under this new amendment the purchase contract still had to have been entered into by April 30 to qualify but buyers now have till September 30 to close the transaction.
