Homebuyer Tax Credit Extension- The Waiting Game

The Senate has adopted Senator Harry Reid’s (D-NV) amendment to the pending jobs and extenders legislation (HR 4213) that would extend the closing date for the homebuyer tax credit from June 30, 2010 to September 30, 2010. The amendment would apply only to purchasers who have satisfied the April 30 binding contract rule for the $8000 and $6500 tax credits. The amendment creates no new eligibility for the credit. Once through the Senate, the bill must go back to the House for their approval before obtaining the President’s signature. While the timing remains uncertain, completion is expected sometime next week.
Congress will be in session during the weeks of June 21 and June 28, so votes on the legislation are still possible before the June 30 deadline.