Bill to Extend Closing Deadline For Tax Credits Dies

The hoped for extension of the closing deadline for the Federal Home Buyer Tax Credits failed to pass the Senate. The legislation to extend the closing deadline was attached to a larger bill that among other things would have extended unemployment benefits. Yesterday that bill was defeated.

According to UPI, the National Association of Realtors estimates that 75,000 will lose the opportunity to claim the credit.

If you anticipate a closing on June 30th, following up on all the loose ends may be a good idea. I don’t believe that any of our closings will be at risk, but many others will.

There are no reports yet of whether supporters of the extension will be able to pass the extension independent of any other legislation.