Real Estate Blog
Monday, July 05 2010
Congress Passes Homebuyer Tax Credit Closing Deadline
President Obama Will Sign Into Law
After a close brush with the deadline, Congress has passed an extension of the Homebuyer Tax Credit closing deadline, the Homebuyer Assistance and Improvement Act (H.R. 5623).
The extension applies only to transactions that have ratified contracts in place as of April 30th, 2010 that have not yet closed.
The legislation is designed to create a seamless extension. The new closing deadline for eligible transactions is now September 30th, 2010.
There will be no gap between June 30th, 2010 and the date the President signs the bill into law.