Federal Homebuyer Tax Credit Extended

UPDATE: 7/2/10:  The president has signed H.R. 5623, the “Homebuyers Assistance and Improvement Act of 2010”. This extends the homebuyer tax credit closing date to September 30, 2010. The extension applies for purchasers that were under contract on or before April 30, not for contracts accepted after that date. Read more here

UPDATE 6/30/10: Passed Congress and sent to Obama. Buyers had to have been under contract by 4/30/10 to qualify for the credit. Read more here.

Inman News Flash: House OKs extension of tax credit closing deadline

In a 409-5 vote, House lawmakers have passed a standalone bill that would extend for three months Wednesday’s deadline for closing on a home purchase in order to claim the federal homebuyer tax credit.

The Senate could vote on the bill, HR 5623, as soon as tomorrow, although the death of Sen. Robert Byrd, D-W.Va., has slowed the pace of work in that chamber. Read full story here

Please note: It still has to pass in the Senate and be signed by the President in order for the bill to become law.