UPDATE July 1: Last night the Senate approved the extension and the bill is now on its way to the President for his signature. The approved bill extends the closing deadline for qualifying transactions to September 30. The bill does not extend the April 30 date for having a binding offer, only the period of time with which to close the transaction.
Last night the House of Representatives passed a bill that included extension of the tax credit closing deadline to September 30. The bill now goes to the senate.
As was the case with last week’s Senate approved measure, the closing deadline extension is attached to a broader piece of legislation.
Whether or not the Senate will agree with the House on the broader bill is unclear at this time.
In our office, we continue to operate on the assumption that the closing deadline will not be extended.