Tax Credit closing date extension update

As you will recall, we emailed you last week about U.S. Senate passage of an amendment that would extend the homebuyer tax credit “Closing Deadline” from the current June 30 date to September 30, 2010.

That amendment was part of a larger piece of legislation referred to as the “Extenders Bill.”

Unfortunately, the bill failed passage in the Senate three times this week.

The National Association of REALTORSâ is working closely with key Members of Congress, the Senate, and Senior Congressional Staff on the extension of the June 30, 2010 closing deadline for contracts eligible for the Homeowner Tax Credit.

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

NAR is pursuing all possible options with senior congressional staff to determine what other legislation may be available for passing a June 30 extension. Each of the possible options presents difficult obstacles, but NAR's efforts to clear the way are ongoing.

The Senate will NOT have any votes today (Friday, June 25). This will push the Tax Credit Extension deadline to the week of June 28, 2010.

Should Congress extend the date, information will be posted on www.realtor.org/government_affairs as soon as it happens.

The final outcome will be posted on www.realtor.org/government_affairs on July 1, 2010.

We will provide updates on this issue as they occur.

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