Jul
01

Breaking News Regarding Tax Credit Extension!

With the deadline expiring on June 30th, Congress rushed to pass an extension of the Homebuyer Tax Credit.  The Homebuyer Assistance and Improvement Act (H.R. 5623) extension, unanimously approved, only applies 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 from the old closing deadline of June 30th to the new closing deadline of September 30,2010, pending the President’s signing the bill into law.

Extending the Tax Credit closing deadline will help provide additional stability to real estate markets across the nation.  If the President signs the bill into law today, it is unclear if the provision will apply retroactively to deals that close today on July 1st.

Related posts:

  1. Proposal to Extend Tax-Credit Closings
  2. Tax Credit Extension Approved!!!!
  3. Tax Credit: Time is of the Essence
  4. House Passage of FHA Reform Bill
  5. Tax Credit Expires: What's Next
About Angela Kraushaar

I have lived in the Katy area for over 34 years. After graduating from Texas A&M University, I returned to Katy where my husband and I currently raise our two daughters. I have watched the Katy area change over the years and feel that its’ uniqueness is what has made it one of the most desirable places in Houston to live. Here's a few helpful links to my main website: Katy Real Estate

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