Extension would benefit more than 7,000 Illinios home sales
Washington, DC – June 30, 2010 – (RealEstateRama) — Rep. Bill Foster (IL-14) voted to pass legislation that would extend the closing deadline for the homebuyer tax credit, benefiting families who are in the process of purchasing a home.
“From talking to realtors and homebuyers in the 14th District, and as someone who has gone through the steps of purchasing a home, I understand the process has an unpredictable nature and every step is prone to delays,” said Foster. “By extending the closing deadline, we ensure that the families who have entered into contracts to buy homes have the time necessary to close and receive the tax credit.”
H.R. 5623, the Homebuyer Assistance and Improvement Act, would extend the deadline for those who entered into a contract to buy a home by April 30. This legislation extends until October 1 the deadline for closing in order to be eligible for the homebuyer tax credit. Under current law, these homebuyers were required to close by June 30 to receive the credit.
According to the National Association of Realtors, approximately 7,030 home sales in Illinois alone will be delayed beyond the June 30 deadline.
The measure is fully paid for by applying a current-law penalty for bad checks to electronic payments, permitting disclosure of prisoners’ tax return information to crack down on instances of fraud regarding homebuyer tax credit, and changing rules relating to fees for a travel promotion fund.
