Month: June 2010

Update on Real Estate Tax Credit Extension…..Time is Running Out!

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Today the House of Representatives voted on legislation to give 1st time home buyers 3 additional months to settle on their new home and still qualify for the federal income tax credit.   The Senate still needs to vote. The deadline for the Senate to act is tomorrow.   (Wednesday)  

There have been many reports that this bill will help buyers shopping for a house now.   This is false and has caused much confusion among our buyers.    This legislation will only help buyers that have previously  signed a contract by the April 30th deadline.

Is the TAX CREDIT EXTENSION really being EXTENDED?

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I have been getting calls about the tax extension being extended from all over the country….This topic can be very misleading and confusing.  

Tax Credit Extension has NOT enacted Yet.

Due to confusing reports in the press, many have asked if the tax credit deadline extension is approved.  It is not. Progress is being made. The Senate passed an amendment to the “tax extenders” legislation that includes the extension of the June 30 deadline for tax credit closings to September 30.  So the amendment is now in the bill.  The Senate must still pass that bill and the House must also pass it and send it to the President before the extension will take effect.   The chance for an extension has improved but it is not a done deal.    

Please feel free to email or call me  if you have any further questions.   As always, I will keep you up to date on any new developements.