The United States Senate passed an extension of the Homebuyer Tax Credit closing deadline. Known as the “Homebuyers Assistance and Improvement Act of 2010.” The extension applies only to transactions that have ratified contracts in place as of April 30, 2010 but could not close before June 30. This legislation is designed to create a seamless extension. The new closing deadline for eligible home sale transactions is now September 30, 2010. There will not be any gap between June 30 and the date the President signs the bill into law.