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Home buyer tax credit extension update; Senate Passes Bill

Dennis Norman

Dennis Norman

UPDATE 11/05 2:00 pm – The House has passed the bill by a vote of 403 – 12 – It now goes to the President who is expected to sign today or tomorrow.

UPDATE 11/05, 12:35 pm- To read the section of H.R. 3548 that contains the details concerning the first-time home-buyer tax credit click here.

If you care to read the entire bill click here.

UPDATE: At 5:28 p.m. by a vote of 98 to 0 the Senate Passed H.R. 3548 – It now will go to the House where it is expected to pass and then go to the President for him to sign into law.

The Senate voted 97-1 at 12:16 pm today (eastern time) to end debate on H.R. 3548 (The Unemployment Compensation Extension Act of 2009) which includes the amendment extending and expanding the home-buyer tax credit program.

So where does it go from here?

  • The Senate will need to vote on passage of the bill with the amendment.
  • If the Senate passes the bill, then the House could take up the bill in the next day or so.  The thought is they will accept the Seante bill and vote on it.  However, if this is not the case and they make changes, then that will slow down the process.
  • Assuming the House passes the bill without change then the bill will then go to the President for his signature. The National Association of REALTORS has stated the white house has indicated the President is planning to sign the bill if passed.

I’ll keep you posted as I learn more…

Below is a recap of provisions in the amendment from the National Association of REALTORS(R):

  • Credit available for purchases before May 1, 2010. Prospective purchasers with binding contracts in place as of April 30, 2010 will be allowed an additional 60 days to complete the transaction.
  • Credit remains at $8000 for first-time purchasers. No change to definition of first-time purchaser.
  • New $6500 tax credit for repeat buyers who purchase between December 1, 2009 and May 1, 2010. Repeat buyers must have lived in their homes consecutively for 5 of the previous 8 years.
  • Income limits are expanded to $125,000 on a single return and $225,000 on a joint return. Current law $20,000 phase-out retained.
  • New anti-fraud limitations are imposed.
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