In a 409-5 vote, House lawmakers have passed a standalone bill that would extend for three months Wednesday’s deadline for closing on a home purchase in order to claim the federal homebuyer tax credit.
The Senate is already on record supporting an extension, but other provisions of that bill, the “American Jobs and Closing Tax Loopholes Act of 2010,” have proved controversial, prompting House lawmakers to introduce a standalone bill.
According to CNN Money, “The smaller House bill would raise the deficit by $9 million over a decade. An estimated 200,000 people may miss out on the tax credit because they won’t be able to close by close of business Wednesday. Many are trying to take advantage of short sales, which are complicated deals to complete.”
The Senate could vote on the bill as soon as tomorrow, although the death of Sen. Robert Byrd, D-W.Va., has slowed the pace of work in that chamber.
Stay tuned…the next coupel of days could prove to be VERY interesting!
Do you have real estate questions? Give me a call at 602-504-3898…or visit me at AdeleCoffman.com. If you are a buyer looking for a home…this is THE place to search!