Tax Credit,Bill
The Home Buyer Tax Credit Extension Has Not Been Passed Into Law (Yet)
As its June 30, 2010 closing deadline approaches, the federal home buyer tax credit is back in the news.
Unfortunately, the headlines are misleading.
Contrary to what you may have read (or heard), the federal home buyer tax credit has not been extended past June 30, 2010. At least not yet. And here’s why there’s confusion.
Look at these headlines from earlier this week:
- Senate Extends Date On Home-Buying Tax Credit (Philadelphia Inquirer)
- U.S. Senate Approves Extension Of Home Buyer Tax Credit (NASDAQ)
- Senate Approves Home Tax Credit Extension (Reuters)
Now, nothing above is factually incorrect, but each neglects a key piece of the country’s law-making process — it takes more than the Senate to pass a law. For a bill to become a law, it must pass the Senate and the House of Representatives and then it must be ratified by the President.
To date, we’ve only cleared just one of those 3 steps.
This means that the federal home buyer tax credit has not been formally extended. As of now, it’s still in discussion. Ultimately, though, if the extension does pass, it’s expected to extend the closing date deadline for Logan Square home buyers beyond the original June 30, 2010 date into September 2010.
Homeowners must still have been in contract as of April 30, 2010 to claim up to $8,000 in federal tax credits.
Contact Me:
Brian Guzman
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brian.guzman@cbexchange.com
1457 W. Belmont Ave.
Chicago, IL 600657
Brian Guzman celebrated the start of his 3rd year as a real estate consultant by joining @properties in the Spring of 2007. He holds previous experience with two real estate firms in the River North and Lincoln Park neighborhoods. He was a highly valuable member on a team that produced over $100 million in sales in 2006. Brian strives for unmatched service and complete satisfaction in every transaction that comes his way. Whether you are a buyer or seller, he has the knowledge, experience, and determination to surpass your expectations. Brian is loaded with the latest marketing materials, strategies, methods, and company support that will fulfill your real estate needs and goals. He believes there is no limit to the amount of service and representation he can provide.
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