Breaking: Tax Credit Deadline Extended

• July 1st 2010

by Mark Wellborn

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Despite all indications to the contrary over the past few weeks, Congress ended up extending the federal tax credit closing deadline late last night, hours before it was set to expire, according to The Wall Street Journal. The new deadline is September 30th.

Earlier this week, a Senate bill that included a provision that would’ve extended the June 30th deadline by which buyers who took advantage of the $8K federal tax credit have to complete their home-buying transaction, was shelved, dashing hopes of an extension.

However, those hopes were revived on Tuesday when the House of Representatives passed a stand-alone bill that would extend the deadline. Yesterday, the Senate passed the extension and now it will go to President Obama for his signature.

As we have reported previously, the impetus behind the real estate lobby’s push for an extension is that a good number of home buyers who took advantage of the extension bought homes that were either short sales or foreclosures. These transactions often take longer to close than the normal home-buying process, and as a result, many buyers were in danger of not meeting the original deadline of June 30th.

This article originally published at https://dc.urbanturf.com/articles/blog/breaking_tax_credit_deadline_extended/2225.