Friday, July 2, 2010

President signs bill to extend home buyer tax credit closing deadline

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The "Homebuyer Assistance and Improvement Act of 2010" extends by three months the closing deadline for the already extended and expanded federal home buyer tax credit.

by Broderick Perkins
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Deadline Newsroom - President Obama today signed HR 5623, the "Homebuyer Assistance and Improvement Act of 2010" to extend the closing deadline for the already extended and expanded federal home buyer tax credit.

The new closing deadline is Sept. 30, 2010.

The old closing deadline was June 30, 2010.

The extension applies only to homebuyers who had sales contracts in place as of April 30, 2010, but have not yet closed. Military personnel have until April 30, 2011 to close. That date is unchanged by the new legislation.

The National Association of Realtors estimated nearly 180,000 home buyers (from 390 in Wyoming to 17,700 in California) would have missed out on the tax credit had Congress and the president not taken action to extend the deadline to close escrow.

Contact the Internal Revenue Service or your tax professional for more details.

The Deadline Newsroom offers extensive coverage of the federal homebuyer tax credit, here.

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Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop.

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1 comment:

Philippines properties said...

It extended? WOW! I know many will have rejoice about this.

Deirdre G