Extension of Home Buyer Credit Overcomes Procedural Hurdle in Senate

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The Senate votes 85-2 to invoke cloture on legislation (H.R. 3548) that would extend and expand the home buyer tax credit and tax benefits for money-losing businesses, clearing the way for final passage in coming days. The bill would extend the deadline for first-time home buyers to take advantage of an $8,000 tax credit for housing purchases through April 30, 2010, and provide for a new $6,500 tax credit to help certain existing homeowners interested in buying a different house. Businesses also would benefit from a provision to extend and expand the five-year net operating loss carryback provision to all businesses.