Bill extends closing deadline for those taking advantage of first-time homebuyer tax credit
Washington, DC – June 30, 2010 – (RealEstateRama) — Congressman Baron Hill supported a straightforward and paid-for bill today that will directly help those Hoosiers who entered into a contract to buy a home to access the first-time homebuyer tax credit by April 30. H.R. 5623, the Homebuyers Assistance and Improvement Act, extends until October 1 the deadline for closing in order to be eligible for the credit. Under current law, these homebuyers were required to close by June 30 to receive the credit.“As of mid-April, about 40,000 Hoosiers had taken advantage of this tax credit,” Hill said. “It’s a targeted and timely credit that has rendered real success. I’ve heard from many constituents who asked me to support this extension in order to ensure they can get the credit.”
The bill comes in direct response to numerous reports of homebuyers experiencing delays that could prevent them from closing by June 30, meaning they would no longer qualify for the credit. Up to 180,000 homebuyers would lose their tax credit through no fault of their own if the extension is not enacted by June 30 when the closing deadline expires.
H.R. 5623 was passed by an overwhelmingly bipartisan vote of 409 – 5 Tuesday afternoon.