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….