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Government Affairs, Industry NewsLegislators approve Homebuyer Tax Credit Extension
After a close brush with the deadline, Congress has passed an extension of the Homebuyer Tax Credit closing deadline, the Homebuyer Assistance and Improvement Act (H.R. 5623). 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. There is will be no gap between June 30 and the date the President signs the bill into law.
NAR worked closely with Congressional leaders on both sides of the aisle to enact this important legislation. Extending the Tax Credit Closing deadline will help provide additional stability to real estate markets across the nation.
For additional information on the extension visit www.realtor.org/government_affairs.
Additionally, the United States Senate has passed the National Flood Insurance Program Extension Act of 2010 (H.R. 5569) an extension of the National Flood Insurance Program until September 30. This will allow transactions to move forward. The bill is retroactive and covers the lapse period from June 1 to the date of enactment of the extension.
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The Pennsylvania Association of Realtors® is a trade/professional association that serves as the “voice for real estate®” in the Commonwealth of Pennsylvania for its more than 29,000 members. |
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