Tax Credit Extended

Tax Credit Extended

Congress Extends Homebuyer Tax Credit Deadline to September 30

PR Newswire

SAN JOSE, Calif., July 2 /PRNewswire/ -- Congress approved a bill Wednesday that gives homebuyers until September 30 to complete their transaction to qualify for as much as $8,000 in federal tax credit. Under the original terms before the legislation, the tax incentive applied to those who signed the contract by April 30 and closed the sale by June 30.

The bill is expected to have President Obama's signature soon. Without it, 180,000 homebuyers nationwide would have missed the original deadline, because appraisers, banks and others in the real estate industry have not been able to process mortgage loans fast enough due to the spike caused by the tax credit. Of these homebuyers, 17,000 were in California.

"The passage of the homebuyer tax credit extension is a welcomed relief for Santa Clara County buyers, particularly for those who purchased short sale properties, because approval of these deals by the seller's lender can take months," said Karl Lee, president of the Santa Clara County Association of REALTORS®. "I would like to thank the U.S. Congress for understanding the reality that homebuyers face."


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