TaxAlerts Tax Article
July 2010 | Written by: Karen Reed, EA
The Homebuyer Assistance and Improvement Act of 2010, signed by President Obama on July 2, 2010, extended the closing date deadline that homebuyers are required to meet in order to qualify for the Homebuyer Tax Credit. Eligible taxpayers now will have an additional three months, until September 30, 2010, to close title on qualifying residences. This extension applies only to taxpayers whose purchase contracts were executed prior to May 1, 2010.
The new law was enacted in response to delays within the financial sector that have prevented many taxpayers from meeting the initial June 30th deadline. First–time homebuyers and long–time owners may take advantage of the extension, which is expected to help an additional 180,000 taxpayers qualify for the credit.