There has been much confusion and misinformation lately regarding the extension of the Homebuyer Tax Credit closing deadline.
On Tuesday, the United States House of Representatives passed HR 5623, the Homebuyer Assistance and Improvement Act of 2010, by a vote of 409-5. But the bill still needed to pass the Senate, and it didn’t seem like such a sure thing.
Well, now it’s official. Last night, on the eve of the deadline, Congress passed the extension of the Homebuyer Tax Credit closing deadline. The bill is now awaiting signature by President Obama. It’s important to note that the extension applies ONLY to transactions that had ratified contracts in place as of April 30, 2010 and have not yet closed. This legislation is designed to create a seamless extension with the new closing deadline for eligible transactions now being September 30, 2010. There will be no gap between June 30th and the date the President signs the bill into law.
The National Association of Realtors worked closely with Congressional leaders on both sides of the aisle to enact this legislation. They believe extending the Tax Credit Closing deadline will help provide additional stability to real estate markets across the Country. This extension will likely benefit thousands of homebuyers who, for whatever reasons, were unable to close by the initial deadline of June 30th.
For additional information on the extension visit www.realtor.org/government_affairs