Tax Credit Closing Deadline Extended to September Jul 6, 2010

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At the last minute, the United States Congress passed a bill extending the deadline for closing on homes purchased under the Homebuyer Assistance and Improvement Act of 2010.

To qualify for the tax credit, new homebuyers needed to sign a purchase agreement before May 1, 2010, and, according to the original legislation, had to close on the agreement by June 30, 2010. The new legislation extends the closing date to Sept. 30, 2010.

The House and Senate passed the legislation before taking a week off over the Independence Day holiday. President Obama signed it into law on July 2.

The U.S. Department of the Treasury said 3 million home buyers participated in the tax credit, and will realize a total tax savings of $21 billion.

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