U.S. Senate passed yesterday (60-37) an amendment that would extend the homebuyer tax credit “Closing Deadline” from the current June 30 date to September 30, 2010.
The amendment (introduced by Sens. Harry Reid, Johnny Isakson and Chris Dodd) is now part of a much larger emergency spending bill – which includes extension of certain unemployment benefits, increasing Medicare payments to physicians and flood insurance – to name a few.
Timing
Senate Majority Leader Harry Reid will likely file cloture today which means the Senate could vote on the entire emergency spending bill early next week (week of June 21st).
The U.S. House of Representatives would then need to approve the extension, likely to occur by the middle to end of next week (week of June 21st).
Assuming the House approves the extension, it then would go to President Obama for his signature, at which time it would become law.
What does this mean?
All indications are that the extension of the Closing Deadline is likely to occur.
However, as with any piece of legislation being considered by Congress, there are no guarantees until the final votes occur.
In the meantime
If you have a pending closing(s) for “tax credit” buyers, it would certainly be in your best interest to continue to work to complete them by the existing June 30 deadline.
We will provide updates on this issue as they occur. If you have any questions or need additional information, please contact me at 513-842-3014 or mquarry@cabr.org.
Take Care,
Mark
Mark J. Quarry
Director of Government Affairs
Cincinnati Area Board of REALTORSâ
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