By Tom Butala

According to the Wall Street Journal, the Senate approved a bill late last night to extend the June 30 closing deadline for homebuyers who seek up to $8,000 in tax credits.

The Homebuyers Assistance Act of 2010 will grant an extension through September 30 of this year to homebuyers who signed contracts before the original date of April 30 2010. The bill was first passed by the House of Representatives on Tuesday with a vote of 409-5, only now awaiting the signature of President Obama.

The federal tax credit was created by the Bush administration in 2008 as a $7,500 incentive for first-time purchasers who were then required to repay in a series of installments, according to the LATimes. Congress increased the amount to $8,000 and waived the repayment requirement in 2009 when it passed the economic stimulus package.

The NAR estimates 180,000 homebuyers to be affected by the bill, with 15,340 of those in the state of Texas.