Homebuyer Tax Credit Update 7/1/2006 Passed both The House and The Senate, so pretty much a done deal. Should be signed into Law by the President today.
NEW UPDATE 6-29 – Looks like this is going to pass as a stand alone Bill. Passed the house by a huge majority and the Senate is expected to pass it any day now…stay tuned
UPDATE 6-25 The Bill did not pass. The vote was 57-41, three short of the 60 needed.
Just received this email. Seems to be “Breaking News”:
“NEWS FLASH Senate OKs new tax credit closing deadlineThe Senate has amended a bill to give homebuyers who were under contract on a home purchase by April 30 an additional three months to close the deal and claim the federal homebuyer tax credit. Extending the deadline for closing from June 30 to Sept. 30 would allow lenders more time to clear a backlog of 180,000 homebuyers nationwide, said amendment sponsor Sen. Harry Reid, D-Nev.”
All of my June 30 or before closings are closed, but I do have one we did not expect to be eligible for the tax credit, because it is a home being built which is not expected to be completed until August 31 or so.
If the closing date requirement is moved out to September 30, as noted in the quote, my clients will be eligible for the $6,500 credit (not the $8,000 one). Since we were at the showroom yesterday morning trying to decide on wood floors in the living room and dining room, which would cost less than this credit, this could be an important decision making factor.
Of course this is so “hot off the presses” that we need to verify and also wait for it to actually be confirmed and signed. But it looks like an extension to September 30 for closing is just about a given…just about.