Good News: Senate passed Extension for Homebuyer Tax Credit
If it wasn't for the last minutes, many things would not get done.
Last night, Congress passed HR 5623, the bill to extend the homebuyer tax credit. Qualifying homebuyers who had a signed contract by April 30, 2010, will now have until September 30, 2010 to get these transactions closed in order to receive the tax credit.
Another bill that was passed last night, HR 5569, was the extension to the national flood insurance program. The expiration of this program had been stalling closings for waterfront properties since the end of May when the program expired. The extension is retroactive and good until September 30, 2010 as well.
President Obama is expected to sign both bills quickly. Certainly, these extensions bring relief of much stress and anxiety to buyers and sellers who can look forward to getting their deals closed.
Good News: Senate passed Extension for Homebuyer Tax Credit
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