Friday, 02 July 2010
Late last night – only two hours before the deadline – the Senate passed a bill to extend the Homebuyer Tax Credit closing date from June 30 to September 30, 2010. The extension specifically applies to only those homebuyers who had already qualified for the tax credit by having signed contracts in place on or before April 30, 2010. One day earlier, the House of Representatives voted to pass this three-month extension as a standalone bill by an overwhelming majority, 409-5. The legislation – which is labeled as the Homebuyers Assistance and Improvement Act of 2010 – is designed to create a seamless extension and there won’t be any gap between June 30 and the date the President signs the bill into law. This is good news for eligible homebuyers and their sellers across the country – not to mention good news for the economy
