There are dozens of articles on this site about the Home Buyer Tax Credit. You can see them all here.
For the most recent news about the Home Buyer Tax credit, please see this article (July 2, 2010).
UPDATE – July 2: This morning President Obama signed into law H.R. 5623, the “Homebuyers Assistance and Improvement Act of 2010”. This extends the homebuyer tax credit closing date to September 30, 2010. (You must have been under contract to purchase a home by April 30. This extension does NOT change that date). Source: Whitehouse.gov
UPDATE June 30, 2010 On June 29, the HOUSE passed H.R.5623, which would extend the home buyer tax credit closing deadline to September 30. You still have to have been under contract by April 30. Late on June 30, the Senate passed the bill. It is now on its way to the President’s desk for his signature, which is expected soon. We’ll update when that happens.
Last night the Senate failed for the third and final time to pass the American Jobs and Closing Tax Loopholes Act, which had numerous amendments attached to it, including one to extend the $8000 / $6500 first time / repeat home buyer tax credit.
A vote of 57 ”“ 41 failed to reach the 60 votes required to end a filibuster, effectively killing the bill.
There might be other versions proposed at some point, but for now, if you are eligible for the tax credit and were under contract to purchase a home by April 30, that transaction must be closed by June 30 in order to qualify for the tax credit.
My guess, and we’re talking pure speculation here, is the unemployment extension provisions of this bill will be “spun off” into a separate bill. What will happen with the homebuyer tax credit closing extension? I won’t even hazard a guess… Congress could, in theory, pass something with a retroactive date to extend the credit. Or, the credit deadline could go on as planned. Who knows…
Mainstream Media reports:
Associated Press: Republicans kill Senate jobless aid measure
Bankrate.com: Tax breaks, homebuyer credit on hold
Virginia Association of Realtors: Homebuyer tax credit closing deadline extension