Extension Of Tax Credit Closing Deadline

In a 409-5 vote, House lawmakers passed a standalone bill that would extend for three months Wednesday’s (6/30/10) deadline for closing on a home purchase in order to claim the federal homebuyer tax credit. HR 5623 could be voted on as soon as tomorrow.

UPDATE: After a close brush with the deadline, Congress has passed an extension of the Homebuyer Tax Credit closing deadline, the Homebuyer Assistance and Improvement Act (H.R. 5623) . The extension applies only to transactions that have ratified contracts in place as of April 30, 2010 that have not yet closed. The legislation is designed to create a seamless extension the new closing deadline for eligible transactions is now September 30, 2010. There is will be no gap between June 30 and the date the President signs the bill into law.

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