After much delay in the House and Senate over extenders legislation, H.R. 5623 (the “Homebuyer Assistance and Improvement Act of 2010”), a stand-alone bill, has finally been signed by President Obama, extending the first-time homebuyer credit. The new law extends the closing date deadline from June 30, 2010 to September 30, 2010. Please note: the deadline for signed sales contracts remains at April 30, 2010.
There are three revenue items included in this Bill to help offset the cost: 1) delay in transfer of Travel Promotion Board fees, 2) clarification of bad check penalty for electronic payments, and 3) return-disclosure authorization to prevent homebuyer credit fraud among prison inmates.
If you have any questions regarding this credit or any other tax issues that we can assist you with, please call our offices at (215) 665-3960 and ask to speak to one of our Shareholders. You can also email us at info@taxwarriors.com.