Wednesday, June 30, 2010

Home Buyers Tax Credit

The $8,000 home tax credit expired on April 30, 2010.  However, anyone who had a contract in place on that date could qualify for the credit as long as they closed title before July 1, 2010.  As we all are aware, if you went to contract in late April it is very difficult to accomplish the closing by July 1.  Many clients are faced with the dilemma caused by this restrictive closing date. Yesterday the House passed "The Home Buyer Assistance Act of 2010" which would extend the closing deadline to midnight on Sepember 30, 2010.  The Senate is expected to pass a similar measure and once passed the President is expected to sign the bill.

As soon as this provision is signed into law (hopefully !) we will send out a further blog.  Any thoughts?