Good News! House Has Passed Federal Tax Credit Extension!
Well, it is official. For those of you who were fortunate enough to get under contract prior to April 30th 2010, you will be pleased to know the House has passed the Federal Tax Credit extension. It passed with flying colors 409-5.
Originally, the deadline to receive the Federal Tax Credit must have been under contract by April 30th of this year and close no later than today, June 30th 2010. It is estimated that over 17,000 California home buyers are looking at missing out on the tax credit due to lengthy transaction times with short sales and REO's.
The bill will extend the tax credit for an additional 90 days for all of the people currently under contract prior to the Arpril 30th deadline to wrap up their closings. September 30, 2010 will be the new drop dead date. This bill will now go to the Senate. Time to keep our fingers and toes crossed for the Senate to pass this bill as well. There is an estimated 180,000 home buyers nationwide that are counting on it passing!
Although no one is sure what the Senate will do, logic tells us this too will pass!