Home > Uncategorized > Senate Approves Proposal For Home Tax Credit Extension

Senate Approves Proposal For Home Tax Credit Extension

On Wednesday, June 16, 2010, the senate approved a plan to give homebuyers an extra 3 months to finish qualifying for federal tax incentives that boosted home sales this spring.  This will give  homebuyers until September 30, 2010 to complete their purchases and qualify for tax credits up to $8,000.  Under the current terms, buyers had until April 30, 2010 to get a signed sales contract and until June 30, 2010 to complete the sale.

The proposal would only allow people who already have signed contracts to finish at the later date.  I will keep you updated on the progress of the proposal.  The bill has to be voted on by the Senate and House, then signed by the President into law.

UPDATE 7/1/2010:  Congress passed an extension of the closing deadline for the HomeBuyer Tax Credit, the Homebuyer assistance and Improvement Act. The extension applies only to transactions that have ratified contracts in place as of April 30, 2010, that have not yet closed. The new closing deadline for eligible transactions is September 30, 2010.

Please consult with your Tax Advisor to see if you qualify.

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