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2
Tax Credit Deadline Extended
After a close call with the deadline, Congress has passed an extension of the Homebuyer Tax Credit closing deadline until September 30, 2010. The extension applies only to transactions that have signed contracts in place as of April 30, 2010 that have not yet closed. This new deadline applies to both the $8,000 tax credit for first-time homebuyers and the $6,500 tax credit for repeat homebuyers. Congress sited unique circumstances and a back log of closings as factors in not being able to make the original closing date deadline of June 30, 2010. The legislation is designed to create a seamless extension to the new closing deadline for an eligible transaction. There would be no gap between June 30 and the date the President signs the bill into law, which he is anticipated to do so this week. Keep checking RuhlHomes.com for the most up to date information on the real estate market.
