There is speculation circulating that the Homebuyer Tax Credit has been extended.  What has actually happened is an amendment to extend the closing deadline for the Homebuyer Tax Credit has been added to proposed legislation.  The amendment would extend the closing deadline from June 30, 2010 to September 30, 2010, however, this would only apply to purchase contracts already signed prior to the April 30, 2010 deadline.  Although this specific measure has been approved to be added to the legislation, it is a part of a larger bill entitled American Jobs and Closing Tax Loopholes Act of 2010 also known as the Tax Extenders Bill that is going through the legislative process.  The bill has been approved by the House, but was voted down in the Senate yesterday over concerns about the ballooning federal deficit.  However, the Senate is currently reworking their version of the  bill and once that happens and it is approved by the Senate, the bill will need to reconciled with the House version and approved by the President.  So, although the closing deadline has not officially been extended, it appears it is likely to happen.

 

Additionally, an amendment to extend the National Flood Insurance Program (NFIP) is also included in this same piece of legislation.  As a result, the NFIP will be in limbo until the Senate can trim back the bill enough to get the votes it needs for passage.