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Homebuyer Tax Credit Extending and Expanding???
According to the National Association of REALTORS(R) we are "almost there" in terms of extending the tax credit. Below are the details NAR listed on the process unfolding.
The extension and expansion of the home buyer tax credit is the pending business in the Senate. After a long week of negotiation on the credit, an agreement on the scope of both expansion and extension has been reached. The extension is part of a larger bill that has not yet gone to a vote, however. A Senate vote on the underlying bill will occur in the Senate during the week of November 1. The package will then go back to the House. The House is expected to accept the Senate amendments, vote on the package and send it to the President for signature. The underlying bill is an extension of unemployment benefits. Other provisions in the bill include expansion of the net operating loss carryback rules, new requirements for some tax return preparers and noncontroversial provisions that "pay for" these changes.
 
The provisions of the current amendment for the home-buyer tax credit are:
Credit available for purchases before May 1, 2010. Prospective purchasers with binding contracts in place as of April ... more

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