Clarification on federal tax credit deadline

The U.S. Senate recently passed an amendment to a bill that, if passed, will extend a number of expiring provisions. The bill, commonly referred to as an “extenders package,” includes an amendment to extend the closing deadline for the federal home buyers tax credit to Sept. 30, 2010. Although the amendment to attach the tax credit extension to the bill was passed in the Senate, the bill itself has not yet been passed; the vote only attaches the amendment to the bill.

Once the Senate passes the bill, it will go back to the House of Representatives for approval prior to reaching the president’s desk for his signature.

The current deadlines to meet are:
* Contracts that were accepted on or before April 30, 2010
* MUST be finalized and Escrow Closed no later than June 30, 2010 to qualify for the Tax credit

Please watch for updates to this bill and status changes.