No tax credit extension??

No tax credit extension?? Nope, not yet!

At first it sounded like they were going to pass HR4213, “The American Jobs & Closing Tax Loopholes Act” which included the homebuyer extension. However this bill HAS NOT passed the Senate and as of now there is NO EXTENSION!

So what does this mean? Well, if you have been under contract since before April 30th and you qualify for the $8,000 tax credit then your property MUST close by June 30, 2010 otherwise you lose the $8,000.

There is a slim possibility that this law gets signed & passed in the next 48 hours but very unlikely. The better possibility is that later this summer the government passes this act and makes it retroactive so 180,000 homebuyers aren’t shut off from the credit.

We’ll see what happens!

Related posts:

1. Tax Credit Extension to be voted on…
2. Tax Credit Extension Facts
3. Tax credit being extended!!
4. Extend the Tax Credit!!!
5. Credit Reports to be pulled before closing!!