Archive | June, 2010

Federal Tax Report

28 Jun

June 30 Closing Date Remains Unchanged

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. The provision is now part of HR 4213, the pending Jobs/Loophole Closer bill. Passage of HR 4213 requires 60 votes. Three efforts to achieve the 60 votes have failed.

Even if the bill can secure the necessary 60 votes, several more votes will be required in the Senate. The bill then returns to the House. There is no guarantee that the House would adopt the Senate amendment.

The extension could be offered to another bill that includes tax provisions. The Senate will be considering a small business bill that includes tax provisions during the week of June 28. NAR continues to aggressively push House and Senate leadership to extend the date.

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