Homebuyers Tax Credit Extension NOT Passed
Friday, June 25th, 2010
UPDATE!! While the bill below was killed in Congress, a different bill WAS passed extending the credit for those that were under agreement for their home by April 30. The extension is until September 30, by which time you must close on your property to qualify.
A bill that included an extension to the June 30 second deadline for the Homebuyer’s Tax Credit was killed in the Senate yesterday.
The bill, HR 4213, came up 3 votes shy, and affects more than just buyers whose lenders are experiencing a bottleneck as the June 30 deadline looms:
The death of the measure meant that more than 200,000 people a week would lose their jobless benefits because they would be unable to reapply for additional tiers of benefits enacted since 2008. People seeking the popular homebuyer tax credit would be denied a paperwork extension approved by the Senate last week. And state and local governments would lose subsidies on bonds they issue to finance infrastructure projects.
If your tax credit is in possible jeopardy because of the approaching deadline, it is important that you be as proactive as possible in assisting your Realtor and lender. Do not assume that the extension is likely to pass.