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Real Estate Lobby Pushes for Extension of June 30th Tax Credit Deadline

  • June 2, 2010

by Mark Wellborn

Real Estate Lobby Pushes for Extension of June 30th Tax Credit Deadline: Figure 1

Even though the April 30th tax credit deadline did not get extended, realtors are hoping that Congress might provide some leeway in the June 30th deadline, the date by which buyers who took advantage of the $8K federal tax credit have to complete their home-buying transaction.

The Wall Street Journal is reporting that the real estate lobby “wants Congress to extend the amount of time that potential home buyers have to complete transactions that qualify for the $8,000 federal home-buyer tax credit.”

According to the National Association of Realtors, a good chunk of home buyers who took advantage of the credit bought homes that were either short sales or in foreclosure. As UT readers know, these transactions often take longer to close than the normal home-buying process. As such, many buyers are in danger of not meeting the June 30th deadline.

From the WSJ on the possibility of this extension being granted:

The NAR and its members are asking Congress for flexibility with the June 30 deadline, but it is unclear when—or even if—something would happen. Congress would have to pass such a measure quickly, which is no easy task. One possibility would be to attach the extension to a piece of legislation that’s already winding its way through both chambers…without a last-minute reprieve, all would-be buyers can do is push for the different parties to close the deal in time.

See other articles related to: national association of realtors, federal tax credit

This article originally published at http://dc.urbanturf.com/articles/blog/real_estate_lobby_pushes_for_extension_of_june_30th_tax_credit_deadline/2130

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