Thursday, June 24, 2010

June 30, 2010 Homebuyer Tax Credit Closing Deadline has NOT yet been extended

It appears that there is much confusion in our industry and in the media regarding the homebuyer tax credit deadline.

As of today, the June 30, 2010 closing deadline for purchase contracts entered into on or before April 30, 2010 has not been extended.

On June 16, 2010, the Senate passed bill H.R. 4213 (American Jobs and Closing Tax Loopholes Act of 2010) which included a House Amendment to extend the June 30, 2010 closing deadline to September 30, 2010 (see this post). H.R. 4213, however, contains many provisions unrelated to the tax credit deadline and the bill that passed the House is different than the bill that passed the Senate. Thus, Senate and House members are in committee to work through their different versions of this bill. Once a version is agreed upon, the final bill will be presented to President Obama for signing. Only then will we know whether the closing deadline is extended.

We will continue to keep everyone posted on any developments