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Update on Closing Deadline for Tax Credit

June 30, 2010

The Senate and U.S. House of Representatives are taking steps to the possible extension of the closing deadline for the homebuyer tax credit.

On Tuesday, the House passed HR 5623, the Homebuyer Assistance and Improvement Act of 2010, by a vote of 409-5. This bill extends the deadline for closing tax credit eligible transactions from June 30 to Sept. 30, 2010. The bill moves to the Senate where the outcome is much less certain. ALTA is continuing to work with members of Congress and the Senate and will update you as events transpire.

Today in the Senate, Senators Harry Reid (D-NV) and Max Baucus (D-MT) introduced legislation to extend the closing date for the tax credit as well. It is expected the Senate could pass its bill today in time for the President’s signature.

"[W]e're trying to extend the closing deadline for homebuyers in Nevada and across the country who have already qualified for the first-time homebuyer tax credit and need some extra time to close on their new home and experience the American Dream of homeownership," Reid said in a statement. "These common-sense solutions to help millions of Americans deserve bipartisan support and should be passed swiftly."

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