CCH Special Tax Briefing: Homebuyer Assistance and Improvement Act
Friday, July 2, 2010
Posted by: Boomer Consulting, Inc.
The Homebuyer Assistance and Improvement Act is now headed to President Obama’s desk for his expected signature. CCH has issued a Special Tax Briefing on the Act, which you can access here.
Frustrated over the progress of general tax extenders legislation, the House singled out homebuyer credit extension relief and approved it 409-5 in this stand-alone bill on June 29, 2010. The Senate followed suit on June 30, approving H.R. 5623 by unanimous consent. The new law extends the closing date deadline, from June 30, 2010 to September 30, 2010, for homebuyers who signed sales contracts prior to May 1, 2010.
To off set the estimated $140 million price tag of this relief, the new law includes three revenue provisions: a delay in the transfer of Travel Promotion Board fees, clarification of the bad check penalty for e-payments, and return-disclosure authorization to prevent homebuyer credit fraud among prison inmates.
Hopefully you find the Briefing to be of value. This and other CCH Briefings can be found at http://CCHGroup.com/legislation.