Bill to extend homebuyer tax credit closing deadline stalled in Senate

No sooner than they were starting to make progress towards extending the homebuyer tax credit closing deadline, we receive this communication from a NAR lobbyist about a roadblock in the Senate.

Last night, for the third time this week, the Senate failed to get the required 60 votes to end debate on the latest version of the “extenders package” which now contains not only the carried interest provisions we don’t like, the flood insurance extension we needed passed 3 weeks ago, but also an extension of the closing deadline to September 30 for buyers seeking the homebuyer tax credit(s).

The Senate has adjourned for the week and Majority Leader Reid & Finance Chair Baucus are in talks now as to what to do next.   We are exploring a number of options of separating out provisions but there are lots of complicated moving parts and our provisions are only a couple out of hundreds now wrapped up in this bill.   Bottom line – earliest any of the above gets resolved would be early next week, but mid-to-late next week is far more likely as things would have to go back to the House, be signed by the President, etc….

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4 Responses to Bill to extend homebuyer tax credit closing deadline stalled in Senate

  1. Pingback: So … Has the Tax Credit Closing Deadline Been Extended? Maybe. | RealCentralVA.com

  2. My understanding was that this Bill was passed by the Senate. Confirmation one way or the other, please.

  3. Jim Duncan says:

    Alex –

    The Amendment (one of 197) was passed by the Senate, but the Bill itself has not been passed.

  4. James@Long Beach Bar says:

    I really hope that they extend the home buyer tax credit. I have a feeling that they will because they will see that this is helping people feel better about buying homes. Because there is so much talk about the real estate being horrible that people need to feel good again about buying a home.

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