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:



