Today's KCM Blog Post: "Home Buyers Tax Credit Extenstion Update"
There has been some confusion about a possible extension to the Home Buyer’s Tax Credit. We asked Steve to clear up some misconceptions and, at the same time, talk about what it all means in the end. – The KCM Crew
Let’s start by killing two rumors that are out there: that the extension would allow new buyers to be eligible for the credit and that the extension has already been granted.
1. The possible extension is only an extension on the closing date deadline of June 30th.
There were two different deadlines in the Tax Credit. The home had to be in contract by April 30th and closed by June 30th. There was never talk of extending the date to get the home into contract (April 30). The proposal was to allow buyers who were already in contract by the April deadline to close after the original June deadline.
2. The extension has NOT been approved.
Though it was reported by many that the extension was granted and by others that it was a ‘done deal’, it didn’t happen. The confusion started when some reported the Senate approved the extension two weeks ago. The Senate did vote to approve an amendment extending the deadline. This amendment was part of a much larger bill. The larger bill then failed to get Senate approval thus ending the approval process for any amendments (including the extension) in that bill.
