On June 30, Congress passed HR 5623, The Homebuyer Assistance Improvement Act of 2010. The Act extends the date for closing binding contracts entered into before May 1, 2010, to on or before September 30, 2010. This will provide tax relief for those taxpayers who missed the June 30, 2010, deadline allowing them to close the contract and claim the $8,000 or $6,500 homebuyer tax credit.