First Time Home Buyer Credit Vote
September 15th, 2010
Question: Which congressional bill has the first time home buyer tax credit included, and will it be extended?
I’ve heard online that it was all but extended according to senators in offie and the Obama administration, and that the bill would be voted on in a week, any news on this? Anyone know what bill this is or where I could track its progress? Thanks.
The bill was passed today, as I watched it on CSPAN. First Time Home Buyer Tax Credit officially extended.Answer: I know this probably wasn’t intended as a trick question, but it requires a tricky answer.
What you have described, that the federal first-time home buyer tax credit deadline is “all but extended” is essentially correct…emphasis on the “all but.” There is general agreement in the Senate to approve the extension, giving buyers an additional five months to take advantage of the tax break and expanding it to certain classes of buyers who were previously excluded.
However, the reason you have not been able to find a bill yet is that the plan is not yet included in a bill. It is currently a proposed amendment to the Unemployment Compensation Extension Act (H.R. 3548). The Senate voted on Monday, November 2 to invoke cloture on the proposed amendment, which is a fancy way of saying they voted to stop debating the proposal and take a vote on it. The vote to adopt the amendment will almost certainly take place this week. Once the bill is amended and passed by the Senate, the House of Representatives will have to concur, then the bill will be passed on to the President for his signature.
So while the tax credit has not yet been extended, it continues to move in that direction and it appears likely that the extension will ultimately be enacted.
New Laws Effective January 1, 2010
The following legislation will take effect beginning Jan. 1, 2010.
First Time Home Buyer Tax Credit And Responsible Journalism
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