The news from last night is that the home buyer tax credit amendment was passed by the Senate. Great news for everyone. And prominently announced by Senator Reid on his website.
This would extend the deadline for closing from the current deadline of June 30. The bill needs to pass the House, and likely must be passed before the June deadline.
The problem with the news is that its significance may be misleading. As best I could find out last night, only the Tax Credit amendment to the Tax Extenders Bill was passed.
The actual bill has not passed.
The Tax Credit amendment has not been voted on as a separate bill, I do not think. I will follow this closely today, and try to post updates.
This extension is estimated to cost $140 million, and to help 180,000 buyers who would otherwise miss out on the tax credit
More information on the tax credit and the full bill can be found here.
6/17 UPDATE POSTED HERE.
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Richard Smith |
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It does not look like Congress wants a housing recovery, or even a housing market. Can we just vote them all out, and start over with a new group. Maybe some who will represent.
I announced it when I first noted it on my NYT alert. I also stated that it had to be signed by the WH.
Most of the announcements I've seen discuss it as a done deal. It is NOT a done deal.
Lenn I think your post was exactly correct. The emails I received last night over stated the status, but your post did not. In fact I liked very much you comment. "The beat goes on."
Lenn's post.
And maybe I am wrong, maybe the tax credit extension is actually passed the Senate, as a separate bill. But all I could find is that the amendment to 4213 passed.
Whatever that means.
I think it means that there is still much left to do to pass the main Tax Extenders bill, and a good bit of division over paying for the extensions.