Dennis Norman
UPDATE -July 2 – The President has signed the bill into law….It’s official, the deadline is September 30th to close..
UPDATE-July 1- GOOD NEWS! I Stand Corrected! Yesterday, before ending session, the Senate did PASS H.R. 5623 by Unanimous Consent…the bill now goes to the President for his signature and then will extend the closing date until September 30th…
Here we go again!
Back in December the U.S. House of Representatives passed H.R. 4213, The American Jobs and Closing Tax Loopholes Act of 2010 and then on June 17th I reported that the Senate had passed an amendment to this bill which would ill that passed an extension of the deadline for purchasers to close on a home purchase to September 30, 2010 to qualify for the home-buyer tax credit (provided the contract to purchase was entered into by the April 30th deadline. Unfortunately this bill has not made much progress.
However, today, the House of Representatives passed H.R. 5623, the Homebuyer Assistance and Improvement Act of 2010, by a vote of 409-5. This is a stand-alone bill extend the deadline for purchasers to close on a home purchase to September 30, 2010 to qualify for the home-buyer tax credit (again, only if the contract to purchase was completed by April 30th).
The bill now goes to the Senate and must be passed there before going to the President. I’m not overly optimistic that the Senate will act on this quickly but do hope they pass it quickly.
I’ll update this post as I know more.
Related posts:
- Senate Passes Key Amendment to Extend Closing Deadline for Homebuyer Tax Credit
- Closing Deadline For Homebuyer Tax Credits May Be Extended
- Home buyer tax credit extension update; House Passes Bill…On to President for approval
- Home buyer tax credit extension update; Senate Passes Bill
- FHA Reform Bill Passed by House; Good News for Homebuyers
I and my friends were checking the great pointers from the blog and so quickly got a horrible suspicion I had not expressed respect to the blog owner for those strategies. All of the guys happened to be certainly excited to read them and already have undoubtedly been taking pleasure in these things. Many thanks for turning out to be quite helpful as well as for using such helpful useful guides millions of individuals are really desperate to understand about. My very own honest regret for not saying thanks to earlier.
Hello guys I’m in the process of closing on a new home i bought but my contract was signed in June.I will close next week. Do you folks know if there will be or if I qualify to get the First Time Home Buyer Tax Credit? If no does anyone know if there will be another tax break similar to That one?
Frank
Unfortunately your contract to purchase would have to have been executed by April 30th to qualify….I doubt there will be another tax credit….this one was already extended and all indications are this is it….
Well… that stinks. I’ve been unemployed for 8 months. I had been really praying that they would do something good. No such luck today.
Hey Lesia, For what it’s worth I agree with you…I keep seeing reports that say the recession is over, we are in a recovery etc…but yet when I look around me I see more friends, family and neighbors that are unemployed, under-employed, losing their homes, etc. then I have seen in my life… I’m not so sure I agree that the recession is over and I doubt you do either…
Good News! Last night the Senate did pass H.R. 5623 the stand-alone bill that extends the closing date to September 30th…just need the President to sign it now…complete info is in the post at
http://realestateconsumernews.com/real-estate-market/house-passes-bill-to-extend-closing-deadline-for-home-buyer-tax-credits/
The Senate tied it to unemployment benefits again…
Good News! Last night the Senate did pass H.R. 5623 the stand-alone bill that extends the closing date to September 30th…just need the President to sign it now…complete info is in the post at
http://realestateconsumernews.com/real-estate-market/house-passes-bill-to-extend-closing-deadline-for-home-buyer-tax-credits/
[...] UPDATE-June 29th – Today the House passed a new stand-alone bill that would extend the closing date for tax credit deals until September 30th…for complete details and future updates on this bill see post by clicking here. [...]
[...] House Passes Bill To Extend Closing Deadline For Home-Buyer Tax Credits [...]