House Passes Standalone Bill Extending Closings for $8,0000 Tax Credit to Sep 30 — Senate Now Needs to Do Likewise

While the US Senate had already included provisions for extending the time allowed to close contracts signed originally qualifying for an $8,000 homebuyer tax credit, that was merely a provision in a bill that had other controversial provisions for stimulus.  Yesterday the House passed a standalone bill and the US Senate has until June 30^th to do likewise. 

As stated by NAR 

(June 29, 2010)—The United States House of Representatives has just passed HR 5623, the Homebuyer Assistance and Improvement Act of 2010, by a vote of 409-5. This bill extends the deadline for closing tax credit eligible transactions from June 30 to September 30, 2010. The bill moves to the Senate where the outcome is much less certain. NAR will continue to update you as the events move forward.

(June 28, 2010)—NAR is working very closely with key Members of Congress and the Senate on a possible extension of the June 30, 2010 deadline for closing contracts eligible for the Homeowner Tax Credit. NAR is pursuing all possible options to determine what other legislation may be available for passing a June 30 extension. Each of the possible options face difficult obstacles, but NAR’s efforts to clear the way are ongoing. The Senate will be considering a small business bill that includes tax provisions during the week of June 28. In the meantime, those impacted should proceed as if the June 30, 2010 date is binding.

Tags: NAR report • Tax Credit