Tax Credit Deadline Closing Extended!


Senate Agrees to extend Homebuyer Tax Credit closing

In a 409-5 vote House lawmakers passed a standalone streamline bill HR 5623, "The Homebuyer Assistance and Improvement Act," to extend the Tax Credit closing until September 30th.

The Senate could vote on the bill, HR 5623, as soon as tomorrow, although the death ofSen. Robert Byrd, D-W.Va., has slowed the pace of work in that chamber.

Withoutan extension, the National Association of Realtors estimates as many as180,000 homebuyers who were under contract by April 30 may miss the June 30 closing deadline, including17,700 in California, 15,340 in Texas, 14,830 in Florida and 9,130 inNew York.

While some observers think HR 5623, "The Homebuyer Assistance andImprovement Act," could sail through without further delay, there's noguarantee it will come to a vote, Salvant said.

The Senate isalready on record supporting an extension, having amended a bill on June16 to push the deadline back to Sept. 30. But other provisions of thatbill, the "American Jobs and Closing Tax Loopholes Act of 2010," have proved controversial, prompting House lawmakers tointroduce a standalone bill.



 

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