Status on Pending Federal Legislation

The U.S. Senate recently passed an amendment to HR 4213, the "American Jobs and Closing Tax Loopholes Act of 2010."  If passed, the bill will extend a number of expiring provisions.  The bill, commonly referred to as an "extenders package," includes an amendment to extend the closing deadline for the federal home buyer tax credit to Sept. 30, 2010 from June 30, 2010.  Although the amendment to attach the tax credit extension to the bill was passed in the Senate, the bill is not yet law. 

Now the bill will go back to the House of Representatives for a vote prior to reaching the president's desk for his signature.

Note that members of the military and certain other federal employees serving outside the U.S. currently already have an extra year to buy a principal residence in the U.S. and qualify for the credit.  Thus, an eligible member of the military taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2011.  If a binding contract is entered into by the date, the taxpayer has until June 30, 2011, to close on the purchase.  Members of the uniformed services, members of the Foreign Service and employees of the intelligence community are eligible for this special rule.  It applies to any individual (and, if married, the individual's spouse) who serves on qualified official extended duty service outside the United States for at least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010.

Tags: , , , , , ,