The National Association of REALTORS® (NAR) worked closely with Congressional leaders on both sides of the aisle to enact the Homebuyer Tax Credit, the Homebuyer Assistance and Improvement Act (H.R. 5623). Extending the tax credit closing deadline will help provide additional stability to real estate markets across the nation.
The extension applies only to transactions that have ratified contracts in place as of April 30, 2010, that have not yet closed. The legislation is designed to create a seamless extension; the new closing deadline for eligible transactions is now September 30, 2010. There will be no gap between June 30 and the date the President signs the bill into law.
(Source: REALTOR® Action Center)
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