More time may be coming for homebuyers to close qualifying home purchases and still receive the Home Buyer Tax credit.
Senators Isakson, Dodd, and Reid have submitted an amendment (SA 4301) to the American Jobs and Closing Tax Loopholes Act of 2010, HR 4213.
The amendment would move the mandatory close date from June 30, 2010 to September 30, 2010. There seems to be widespread support for HR 4213 in general, and I would think that few politicians would balk on extending free money to the new home owners in their district.
So likely some good news for the apparently 180,000 or so home buyers who might not close by the original June 30 deadline, but who were under contract by April 30 and qualified for the tax credit.
To be clear though, this amendment does not extend the tax credit to persons who were not under contract by April 30. This does not extend the credit to new purchase contracts.
The American Jobs and Closing Tax Loopholes Act of 2010, HR 4213, is a long list of specific tax provisions related to energy, business, education, disaster areas, Medicare, unemployment, and now the Home Buyer tax credit.
Although it will be interesting to see if we hear anything from the deficit hawks who objected to the extension of unemployment benefits.
Passage seems likely, with a vote coming soon on the bill as amended by the Senate.
UPDATE 6/15/10: The Open Congress blog wrote that the main bill, HR 4213, is being held up by the Democrats who want to ease the hedge funds managers tax increase and the Republicans who want to ease up on the oil liability tax increase. See the different parties have different lobbies they are beholding to. And sometimes it slows things.
Everybody wants to extend tax credits. Everybody wants to extend unemployment. But each party wants to protect their own lobby groups, and neither lobby protection effort can stand on its own merits. It needs to be attached (hidden) in a larger bill.
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Richard Smith
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Richard Smith
NMLS# 184479 TN# 40161 GA# 28928
Conventional, FHA, FHA 203k, HUD $100 down purchases, VA, Jumbo VA, Rural Development, Jumbo, FannieMae Homepath, Home Equity Line of Credit (HELOC).
Lending in Chattanooga, Tennessee and Georgia for over 20 years.
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This sounds like a good thing to me. In my area, one of the developers is advertising their own "$8000 tax credit", which is really a discount on the purchase price. It's a creative way to capitalize on the governments tax credit I think.