Over the past few weeks, you may have seen several articles in the media that the United States Senate had extended the closing deadline to qualify for the $8,000 first-time homebuyers’ tax credit and the $6,000 homebuyers’ tax credit. Unfortunately, these media reports have been premature and no legislation has been passed by Congress that modifies the closing deadline for the homebuyers’ tax credits. At this time, the closing deadline for the homebuyers’ tax credits will continue to be June 30, 2010.
An individual must have entered into a binding written contract on the home prior to April 30, 2010. Once that requirement was satisfied, that individual had until June 30, 2010 to complete the closing on the purchase. If the home is not closed prior to 11:59 PM on June 30, 2010, then that individual will not be eligible to claim the homebuyers’ tax credit. The amendment to the statute (which has not been approved by Congress) would extend that closing deadline until 11:59 PM on September 30, 2010.
The National Association of REALTORS® is actively pursing all available options with Congressional staff to secure passage of legislation that would extend the closing deadline for the homebuyers’ tax credits to September 30, 2010. However, it is uncertain at this time whether those efforts will be successful. If Congress does extend the closing deadline for the homebuyers’ tax credits, we will let you know. In closing, please be aware that nothing has changed for the time being and the current closing deadline for the homebuyers’ tax credits remains at June 30, 2010.
