First Time Homebuyer Tax Credit The deadline for closing on a home and qualifying for the Federal Homebuyer Tax Credit ended at midnight on June 30, 2010, but Congress reauthorized approval on July 1, 2010, and has been signed into law by President Obama. The only thing that changes under the new tax credit bill – The Homebuyer Assistance and Improvement Act (H.R. 5623) – is the deadline for closing on a home. Under the latest version of the tax credit, buyers had to secure a signed contract by April 30, 2010, and close by June 30, 2010. The bill extends the closing deadline to September 30, 2010. Short sales, however, can take considerably longer than two months to close. And an onslaught of buyers trying to beat the June 30th deadline proved challenging to REALTORS®, title companies and lawyers trying to beat the clock.  The National Association of REALTORS® lobbied heavily to get the tax credit extended, but Congress took the issue down to the wire before eventually approving the change.
2010 Florida Realtors® | 
