Tax Law Updates | New Proposed Legislation
July 2, 2010
House Votes to Extend Deadline for Homebuyer’s Tax Credit
Homebuyers Assistance and Improvement Act of 2010
H.R. 5623, 6/29/2010
The U.S. House of Representatives has voted to extend the closing deadline for taxpayers seeking the homebuyer’s tax credit.
H.R. 5623, the Homebuyers Assistance and Improvement Act of 2010 would extend the current deadline from June 30 to September 30, 2010, enabling an estimated 180,000 additional homebuyers to utilize the credit. Taxpayers must have entered into a written, binding contract prior to May 1st to claim the credit. The legislation also includes an important provision to crack down on reported instances of fraud identified in a recent report by the U.S. Treasury Inspector General for Tax Administration (“TIGTA”).
Under current law,…
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