Tax Credit Closing date extension update (new)

Here is the most recent update regarding the Homebuyer Tax Credit and possible extension of the June 30th Closing Deadline.

What has happened The United States House of Representatives passed today (June 29) HR 5623 – the Homebuyer Assistance and Improvement Act of 2010 – by a vote of 409-5.

The bill would extend the deadline for closing tax-credit-eligible transactions from June 30 to September 30, 2010.

What’s next The National Association of REALTORS® (NAR) has worked vigorously to get the Closing Deadline extended. With this victory in the House, the bill now moves to the Senate where the outcome is much less certain. It may or may not happen.

The best advice still is to proceed with any pending transactions as if the June 30, 2010 closing date will remain final and binding.

NAR will continue lobbying the Senate to pass legislation similar to HR 5623.

We will continue to provide updates on this issue as they occur.

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