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Reported by Heather McCartney
The rule reported here extends the deadline for closing transactions that qualify for the Federal First Time Homebuyer Tax Credit.
Internal Revenue Code §1986
Amended by H.R. 5623
Effective: June 30, 2010
The Federal First Time Homebuyer Tax Credit deadline for closing escrow on the purchase of a principal residence and perfecting the right to the subsidy has been extended from April 30, 2010 to September 30, 2010. This extension only affects purchase agreements entered into on or before April 30, 2010.