Tuesday, June 29, 2010

June 30th Tax Credit Deadline Nears

As the June 30th deadline nears for the First-Time/Repeat Home Buyers tax credit, many people were hoping for another extension.  But a move by the Senate last week dashed those hopes when the extension, as part of the American Jobs and Closing Tax Loopholes Act of 2010, failed to get the necessary votes.

What does this mean?  The National Association of Realtors estimates that approximately 180,000 qualified home-buyers will miss out on the credit by not closing tomorrow.  Had the amendment passed, it would have extended the closing deadline until September.

Rumors abound that the extension may not dead yet.  Even if something does pass by the Senate soon (and I mean real soon!), it would still have to be approved by the House.

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