Home buyer tax credit extension update; House Passes Bill…On to President for approval

Dennis Norman

Dennis Norman

UPDATE 11/06/09 5:14 p.m. – Thanks to Denis T who was commenting on this post, click here to go to the IRS site with information on the new tax credits.

UPDATE 11/06/09 1:00 p.m. – I just heard that a short while ago President Obama signed the bill into law.  IT’S OFFICIAL!  So if you are in the market for a home .. Go For It!

Continue reading “Home buyer tax credit extension update; House Passes Bill…On to President for approval

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. Continue reading “Home buyer tax credit extension update; Senate Passes Bill